China's September trade surplus with US widens to record $34.13 billion

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

Yi told an investment audience on Thursday that China's monetary policy was on an opposite cycle to that of the Federal Reserve, which has been raising rates amid a strong economy, people who attended the closed-door session 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 USA products including soybeans for penalty tariffs.

China's overall trade - what it buys and sells with all countries including the USA - logged a $31.7 billion surplus, as exports rose faster than imports.

But the meeting would only happen if there is enough progress in the trade discussions, he said.

USA laws mandating the report require the Treasury to enter special negotiations with an offending country to correct their practices, a process that could eventually lead to trade sanctions. -China trade frictions "have been escalating and other instable factors still exist caused by a number of economic uncertainties worldwide", spokesman Li Kuiwen said.

Chinese exports to the United States have at least temporarily defied forecasts they would weaken after being hit by punitive tariffs of up to 25 percent in a fight over American complaints about Beijing's technology policy.

Drilling down, we see that China's exports to its largest non-Japan Asia trading partners (South Korea and Taiwan) are sluggish.

The mogul-turned-president boasted that his tariffs had already "had a big impact".

The Chinese currency has depreciated by 5.6 percent against the dollar since the start of the year.

Plus, the 10 percent tariffs were nearly entirely offset by the fall in the Chinese currency, which has depreciated by more than 8 percent since June.

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

"He won't be happy with these figures but it proves that tariffs don't help curb exports", he said.

But he and Xi Jinping will have a chance to work things out when they meet likely next month on the sidelines of the G20 summit. That designation would be a first for China and would trigger a process that could lead to punitive steps after a series of talks.

Trump said Thursday that his tariff strategy was working.

"If it looks like we can make positive direction, then I'm sure the president will have the meeting", the treasury secretary said in his interview.

"Their economy has gone down very substantially and I have a lot more to do if I want to do it", Trump said in an interview with Fox News.

Shipments into the country last month stood at 37.12 million tonnes, or 9.05 million barrels per day (bpd), up from 9.04 million bpd in August and marking their third straight monthly rise, according to numbers from the General Administration of Customs.

The United States and China imposed new tit-for-tat tariffs against each other's goods in late September, the latest escalation in a heated trade war between the world's two largest economies.

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