"It's insane how levered this market has become", the prominent short-seller told attendees.
Many American manufacturers, farmers and lawmakers from both sides of the aisle say they appreciate the administration's efforts to change China's economic policies.
China has previously offered to do more to loosen restrictions on the percentage of Chinese companies that U.S. firms are permitted to own, for example, but then had not followed up that pledge by providing licences for USA companies.
White House economic adviser, Larry Kudlow, informed that both nations have resumed contact "at all levels" over trade, ahead of a planned meeting between US President Donald Trump and China's Xi Jinping.
Trump trade advisor Peter Navarro, a staunch advocate of tariffs, was publicly sidelined this week - for the second time in his tenure with the Trump administration - after claiming in a speech on Friday that Trump was committed to a hard line with Beijing. August 31 the President of the United States announced the introduction of new trade duties on imports of Chinese goods with a total cost of $ 200 billion. He has also threatened to target another $267 billion worth of goods if his demands are not addressed. The tariffs are set to hit 25 percent across the board next year.
Three U.S. government sources told Reuters on Wednesday that China had sent a response to U.S. demands on those and other issues, but gave no further details on its contents.More news: Deepika Padukone and Ranveer Singh tie the knot in Italy
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Ross was speaking to USA media company Bloomberg on Thursday about the summit to be held on the sidelines of a Group of 20 meeting in Argentina this month. The White House has expressed cautious optimism that the meeting could ease tension. Earlier this week, there were reports that Chinese Vice Premier Liu He, the country's top trade negotiator would travel to Washington.
When asked if he was looking for concessions before the meeting, Kudlow said, "we would like to hear from them some responses to the things we've asked for in the last, I don't know, five or six or seven months".
It was a good sign that Beijing had put something in writing after months of declining to do so, the official said, speaking to Reuters on condition of anonymity.
Ross said that the United States is still planning on January 1 to increase tariffs to 25 percent on some US$200 billion in goods from China that became subject to a 10 percent import tax in September.
If China wants to avoid a cold-war scenario anytime in the future then it needs to make massive changes in its economic, military and political activities as demanded by the States, said Vice President of the United States Mike Pence. He added that the US economy is more durable in comparison to China to weather any such escalation in future.