Mnuchin said he viewed the market turbulence as a "natural correction after the markets were up a lot" rather than a sharp plunge triggered by bad news on the economy.
"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.
"We expect both to soften in the coming quarters", he said.
As for the source of these imports, there have been a couple of interesting developments lately: earlier this month it emerged China had cut US oil imports to zero in August amid the deepening trade row, but at the same time it has turned its attention further north, to Canadian crude.
"If the USA 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.
Chinese exports to the U.S. also rose by 14 percent while Chinese imports from America dropped 1.2 percent. "It's had a big impact", Trump said in an interview with Fox & Friends.
"I think the fundamentals are still very strong", Mnuchin said. The US dollar has strengthened against a range of currencies this year as American interest rates have risen.
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.
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Mnuchin met on Thursday with Yi Gang, head of China's central bank.
The Treasury Department's congressionally mandated twice-a-year report assessing whether trade partners are manipulating their currencies is on track for release next week, the people said. She pointed to the dollar's strength as the main culprit for the weaker Chinese currency.
He said that in the discussions he had with the Chinese, they had made clear that they didn't see a further weakening of the Chinese yuan as being in their interests.
China's surplus with the United States widened to a record $34.1 billion in September as exports to the American market rose 13 per cent from a year earlier to $46.7 billion, down slightly from August's 13.4 per cent growth.
"It's obvious that the immediate effects of the trade war are the exact opposite of what the Trump administration had been planning", Andrew Polk of Beijing-based research firm Trivium China tells the Post.
"As it relates to today, there was nothing that specifically occurred today", Mnuchin said.
The yuan has lost almost 10 percent of its value against the United States dollar this year.