USA tightens controls on China imports of nuclear components

USA tightens controls on China imports of nuclear components

He said they've had a "big impact" in damaging China's economy, claiming Washington's trade deficit with Beijing has gone down substantially.

"The United States can not ignore the national security implications of China's efforts to obtain nuclear technology outside of established processes of US-China civil nuclear cooperation", Energy Secretary Rick Perry said in a statement.

"With global growth likely to cool further in the coming quarters and USA tariffs set to become more punishing, the recent resilience of exports is unlikely to be sustained", he said.

The monthly trade imbalance, up 10 per cent from the previous record high of US$31.05 billion in August, showed that US President Donald Trump's tariffs on Chinese products had yet to show their desired effect of narrowing the trade deficit with China.

Export numbers have been buoyed by producers rushing to fill orders before American tariffs rose, but they also benefit from "robust US demand" and a weaker Chinese currency, which makes their goods cheaper overseas, said Louis Kuijs of Oxford Economics in a report.

The second round of tariffs that the Trump administration imposed on China came into effect only on September 24, so the increase in exports last month might have been the result of Chinese companies rushing to sell their products before the additional duties were added.

"The fundamentals of the US economy continue to be extremely strong, I think that's why the stock market has performed as well as it has".

Trump told Fox News on Thursday that previous U.S. administrations had allowed China to pursue unfair trade for too long and that it was time for him to stop it.

China is not backing down as tensions escalate with the USA, issuing a mock-proposal yesterday that the trade deficit would be easily closed if America sold expensive military equipment to Beijing.

Commenting on this week's plunge in stock markets, Mnuchin called it a "natural correction", CNBC reported.

Mnuchin would not say what the report would reveal, but in the past Treasury has placed China on a watch-list but said it did not meet the requirements to be labeled a currency manipulator. "The president is concerned about the Fed raising interest rates too much and slowing down the economy".

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

"I expressed my concerns about the weakness of the currency".

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.

"That would be very costly for them to do", Mnuchin said.

The United States and China are now locked in an escalating trade war with the Trump administration imposing penalty tariffs on billions of dollars in Chinese goods and China retaliating by targeting US products including soybeans for penalty tariffs.

Washington announced the nuclear technology controls a day after the U.S. Justice Department said it had arrested and indicted a spy for China's Ministry of State Security on charges of economic espionage.

"The way the US has structured the tariffs encourages frontloading because firms that know they're going to hit with tariffs would rather pay 10 percent than 25 percent", he said.

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