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China defies Trump tariffs, trade surplus soars

China defies Trump tariffs, trade surplus soars

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.

When Mr Trump then extended those tariffs to a further $200 billion of goods in September, Beijing promptly hit back with tariffs on a further $60 billion of U.S. goods.

He said he also discussed the ongoing trade dispute with Yi and confirmed there were discussions about a potential meeting between President Donald Trump and Chinese President Xi Jinping during the Group of 20 summit in Buenos Aires in November.

If the U.S. -China relationship could be rebalanced, Mnuchin told Reuters their total annual trade relationship could grow to $1 trillion from $650 billion now, with $500 billion of exports from each country.

The US Energy Department said it would make it more hard to ship nuclear technology to China, one of the few growing markets for new plants as the Asian economy tries to meet rising electricity demand through low-carbon sources.

Mnuchin said he expressed his concerns over the weakness of Asian nation's currency and reiterated the USA push for market reforms as well as opening up trade between the two countries.

Hudson Institute's Michael Pillsbury on the USA trade tensions with China.

Yet the prospects remain highly uncertain as to whether the U.S.is preparing to consider lifting penalty tariffs on about $250 billion of Chinese products, triggering retaliation by China.




The Chinese currency has depreciated by 5.6 percent against the dollar since the start of the year. The Chinese are looking at it. Preparations are being made.

Trump should take notice of the statistics, said Huo Jianguo, a trade expert at the Center for China and Globalization in Beijing. That designation would be a first for China and would trigger a process that could lead to punitive steps after a series of talks.

"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. President Trump has warned there's a lot more he could do to hurt China's economy.

"Bullying might be effective for small economic entities, but it will not be effective against a big economic power", Yu wrote in a column published Friday in the state-run China Daily.

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.

"If they decide they don't want to hold them, there are other buyers", Mnuchin said in an interview with the outlet.

"China's trade surplus will keep rising because the domestic economy is cooling down", said Andy Xie, a Shanghai-based independent economist.

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