Fears of a global economic slowdown have resurfaced after US President Donald Trump said he does not expect to meet his Chinese counterpart Xi Jinping before the March 1 deadline in trade war negotiations between the two superpowers.
The US and China are locked in a trade war since President Donald Trump imposed heavy tariffs on imported steel and aluminium items in March last year, a move that sparked fears of a global trade war.
The US and China are locked in a trade war since President Donald Trump imposed heavy tariffs on imported steel and aluminium items in March last year, a move that sparked fears of a global trade war.
From 2011 to 2018, more than 90 per cent of the Department of Justice's cases alleging economic espionage by a state have involved China, and more than two-thirds of trade secret thefts have a nexus to China.
Xi argued that disagreements should be resolved through dialogue and consultation, rather than trying to form "exclusive blocs" or "impose criteria on other countries".
Addressing a press conference at the White House on Wednesday, Trump said, "China would have superseded us in two years as an economic power; now they are not even close."
China's National Bureau of Statistics said the economy saw a growth of 6.5 per cent in the third quarter on a yearly basis, below the expected rate of 6.6 per cent and slower than 6.7 per cent in the second quarter of this year.
Over the last six months, Trump has imposed additional tariff on import of more than USD 250 billion products.
China's trade surplus with the United States widened to a record $34.1 billion in September as exports to the U.S. market rose by 13 percent amid a worsening tariff war
Last month, US President Donald Trump imposed USD 200 billion tariff on Chinese imports. China retaliated by imposing tariffs on about USD 60 billion of US imports.
"Several factors are responsible for the recent fall in the Chinese Yuan, or renminbi (RMB), including economic issues in China", Mnuchin told Financial Times ahead of meetings in Bali, Indonesia of the IMF, World Bank and G20.
US Defence Secretary Jim Mattis was due to visit China, but it was cancelled which China said was at the behest of Washington.
In addition, the liquidity of another 750 billion yuan (USD 110 billion) will be injected into the market for lending, according to the PBOC statement.
"Protectionism will only hurt oneself, and unilateral moves will bring damage to all," Foreign Minister Wang Yi told the UN General Assembly gathering of world leaders.
The accusation by the US president were however, denounced and were termed ‘unwarranted’ by China's foreign minister present.
Trump warned that the US "will no longer tolerate it and we will not allow our workers to be victimized, our companies to be cheated, and our wealth to be plundered and transferred."
The latest tariffs imposed by the Trump administration applies to over $250 billion of Chinese goods, roughly half the amount the country sells to the US.
Beijing and Washington are locked in a festering trade war with both sides hitting each other's goods with tariffs worth billions
Beijing and Washington are locked in a festering trade war with both sides hitting each other's goods with tariffs worth billions.
The fund is due to release its latest World Economic Outlook on October 9, which will provide revised growth estimates that will incorporate the impact of the trade conflict so far.
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