Wednesday, 14 November, 2018

China's September trade surplus with U.S. widens to record $34.13 billion

Trump Chinese lived too well for too long Reuters Liau Chung-ren
Laurie Berry | 12 October, 2018, 22:55

China's trade surplus with the United States ballooned to a record $34.1 billion in September, despite a raft of U.S. tariffs, official data showed Friday, adding fuel to the fire of a worsening trade war.

China's trade surplus with the United States in September was more than China's total trade surplus of US$31.7 billion.

President Donald Trump regularly cites the United States' massive trade deficit with China as a primary justification for his decision to implement tariffs. The higher tariffs have elevated costs for companies in both countries, and economists say that if they remain in place indefinitely, they could depress economic growth.

Lu Kang, a spokesman for China's Foreign Ministry, offered no specifics Friday but said, "I have also seen the relevant reports".

"They lived too well for too long", Trump said of the Chinese during his Fox News interview.

"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.

Despite poor start, the Giants have shot in weak NFC East
Manning has completed 3 of 12 passes thrown 20 or more yards downfield this season entering Sunday. "It was a big week for us". An interview with ESPN in which Beckham managed to steamroll first-year coach Shurmur and quarterback Eli Manning .

This came despite the Trump administration slapping tariffs on $200 billion worth of Chinese goods in the middle of the month, which prompted Beijing to retaliate with tariffs on $60 billion worth of American goods.

"Exports continued to defy USA tariffs last month but imports struggled in the face of cooling domestic demand", said Julian Evans-Pritchard of Capital Economics in a report.

Beijing's exports to the United States have at least temporarily defied forecasts they would weaken after being hit by punitive USA tariffs of up to 25 per cent.

Trade turnover between Russian Federation and China has been rapidly growing, rising 30 percent to reach $77 billion from January to September, statistics from China's General Administration of Customs show. President Trump has warned there's a lot more he could do to hurt China's economy.

A Xi-Trump meeting, if it happens, would take place during a summit of leaders of the Group of 20 biggest global economies in Argentina in late November.

They are also promoting settlements in rubles and yuan, bypassing the United States dollar and other Western currencies. "If China wants the surplus to come down, they have to embark on structural reforms".

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