Sunday, 18 November, 2018

China’s trade surplus with U.S. hits record high of US$34 billion

Trump warns there is 'a lot more' he can do to China China’s Exports, Imports Grow, as Does Trade Surplus With US
Lloyd Bates | 13 October, 2018, 05:25

"Their economy has gone down very substantially", he said.

"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 the dynamic to change once we get a bit deeper into this, but for now China is trying to outrun the next round of tariffs", he said.

The White House is moving ahead with plans for President Trump to sit down with China's leader amid increasing tensions between the two countries over trade during a G-20 summit meeting next month in Argentina, according to a report Thursday.

China has responded by imposing counter tariffs, which the Trump administration alleges show political interference by targeting products from key states in next month's congressional elections.

China's large trade surplus with the United States has always been a sore point with Washington and is at the center of an increasing bitter dispute between the world's two biggest economies.

This appears to have had some impact on Chinese imports of American products, which dropped by 9 percent last month.

US President Donald Trump warned on Thursday there is "a lot more" he could do to hurt China's economy.

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Stocks are in the midst of a scary October slump, sliding sharply because investors are anxious about rising interest rates. China was among the hardest hit overseas, with indexes in Shanghai and Hong Kong falling 5.2 and 3.5 percent, respectively.

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Kudlow said that so far, the administration viewed China's negotiating offers as "rather unsatisfactory" but that "maybe talks between the two heads of state will bear fruit".

The Wall Street Journal and the Washington Post both cited officials saying Trump has chose to proceed with the meeting with Xi. "The president is concerned about the Fed raising interest rates too much and slowing down the economy".

Commenting on this week's plunge in stock markets, Mnuchin called it a "natural correction", CNBC reported. Washington accuses Beijing of manipulating its currency in order to gain trade advantages.

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.

But new figures suggest that the plan may not be working as the United States trade deficit with China reached a new high of £26billion ($34.1billion).

The Chinese yuan has lost almost 10 percent of its value against the US dollar this year.

"Until they allow their currency to float freely, they are guilty", said Dan DiMicco, a former chief executive officer for the steelmaker Nucor Corp. who was an adviser to Trump's campaign and presidential transition and now sits on an advisory committee for U.S. Trade Representative Robert Lighthizer.

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