Mnuchin Says U.S. Markets ‘Correction’ Is Not Very Surprising

Virginia Carson
October 13, 2018

Mr Trump lashed out as as senior White House figures accused China of trying to destabilise United States democracy and presenting the most serious threat to its security. Evans said he wasn't aware of "anything happening in the last couple of weeks that alter my basic take that financial stability conditions are reasonably moderate, and that we're in reasonable shape at the moment".

As the trade war rages on, White House economic advisor Larry Kudlow said Thursday that the US administration is working on a meeting between US President Donald Trump and Chinese President Xi Jinping at the G-20 summit in Argentina next month.

China retaliated last month by putting tariffs ranging from 5 to 10 percent on $60 billion worth of American goods, coming into effect the same day as the American measures.

"If the U.S. sold four Ford-class aircraft carriers priced at $15bn (£11.4bn) each, it would easily make up for the $60bn trade deficit with China", said the editorial in The People's Daily, a Chinese state media outlet and Communist party mouthpiece.

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He was presiding over the inauguration of a World Mental Health Day programme organised by the Dr. The theme of the day for this year is " young people and mental health in a changing world".

"China-US trade friction has caused trouble and pounded our foreign trade development", customs spokesman Li Kuiwen told reporters Friday. "It's had a big impact", Trump said in an interview with Fox & Friends.

The Treasury Department is expected to issue next week its twice-a-year report on whether China or any other country is manipulating its currency to gain trade advantages. "The president is concerned about the Fed raising interest rates too much and slowing down the economy".

In his comments in Bali, Mnuchin did not say what the forthcoming Treasury report, set to come out next week, will conclude about China's currency practices.

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

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The engines of the aircraft will be checked for suspected faulty tubes and replacements made where necessary. The Israeli warplanes, purchased from the US , are a different model than the American one that crashed.

But US Treasury Secretary Steve Mnuchin said Friday he is not "losing any sleep" over the prospect of China selling its stockpile of US government bonds, CNBC reported. They also expressed concern about use of the technology in weapons.

Mnuchin said in the discussions he had with the Chinese they had made clear that they did not see a further weakening of the Chinese yuan as being in their interests. "And, obviously, that would be very costly for them to do".

He blamed previous USA presidents for allowing China to pursue unfair trade practices and said he had to tell Beijing, "It's over".

The United States past year shipped $170 million in nuclear exports to China, according to official figures.

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The Federal Emergency Management Agency had numerous teams deployed and ready to respond, said FEMA spokesman Jeff Byard. Those who planned to stay emptied grocery store shelves of water and other supplies throughout the day on Monday .

The currency has slid more than 9 percent against the dollar in the last six months, raising speculation that China has been deliberately weakening its currency as tensions with the USA escalate.

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