US, China trade war might end soon, Asia expert says

Trump warns there is 'a lot more' he can do to China

Trump warns there is 'a lot more' he can do to China

Mnuchin could issue a different finding.

US President Donald Trump makes a statement at the White House in Washington, DC, on November 28, 2017.

China has gained substantial economic strength, Bolton added, by neglecting global norms they were expected to comply with and has committed frequent violations since joining the World Trade Organization.

The Treasury Department's congressionally mandated twice-a-year report assessing whether trade partners are manipulating their currencies is on track for release next week, the people said.

Reports that U.S. Treasury Secretary Steven Mnuchin has advised against labeling China as a currency manipulator - a status that could trigger penalties - were also seen as easing tensions.

Beijing's exports to the United States have at least temporarily defied forecasts they would weaken after being hit by punitive US tariffs of up to 25 per cent.

The officials said the indictment in 2016 of a Chinese-American nuclear engineer, Allen Ho, was one of the factors that led to the review.

The Chinese yuan has lost almost 10 per cent of its value against the dollar this year. Dow futures rose 0.8 percent to 25,378.00.

Mnuchin met on Thursday with Yi Gang, head of China's central bank.

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Treasury said in its April report that it is considering expanding the number of countries it examines from 13, with analysts speculating that the number could go as high as 20.

Worries about the increased tariffs the two sides have imposed on each other's goods have contributed to this week's dizzying volatility in financial markets.

Mnuchin said that investors have deftly handled supply from the unwinding of the Fed's financial crisis-era balance sheet.

September exports rose 14.5 percent from a year earlier, Chinese customs data showed.

As for the source of these imports, there have been a couple of interesting developments lately: earlier this month it emerged China had cut USA oil imports to zero in August amid the deepening trade row, but at the same time it has turned its attention further north, to Canadian crude.

U.S. Vice President Mike Pence also accused Beijing last week of seeking to interfere in the U.S. midterm elections to be held next month. The last country declared a manipulator was China, in 1994.

"The front-loading impact is quite obvious to me", said Betty Wang, senior China economist at ANZ in Hong Kong.

"Markets are not efficient and markets move in both directions and at times they overshoot in both directions", Mnuchin said early Thursday in an interview on the sidelines of the International Monetary Fund annual meetings in Bali, Indonesia.

"The United States can not ignore the national security implications of China's efforts to obtain nuclear technology outside of established processes of the US-China civil nuclear cooperation", Secretary of Energy Rick Perry said after his department announced the measures on Thursday. They also expressed concern about use of the technology in weapons.

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