China trade surplus with U.S. reaches record $34.1 billion

China trade surplus with U.S. reaches record $34.1 billion

China trade surplus with U.S. reaches record $34.1 billion

However, the Washington Post reports that the United States' trade deficit with China has only widened since the implementation of tariffs and hit a record-high $34.1 billion, according to Chinese statistics released this week.

The increase, the result of both increasing exports from China to the USA - up 14.5 percent from the same month previous year - and a decline in the goods that China is buying from the U.S.

The trade war entered a new level in September, with the U.S. imposing 10 per cent tariffs on US$200 billion worth of goods imported from China, effective as of September 24, which could escalate to 25 per cent in January 2019, while China fought back with tiered tariffs from 5 to 10 per cent on US$60 billion of USA goods. Imports of American goods increased 9 percent to $12.6 billion, down from August's 11.1 percent growth.

"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.

U.S. President Donald Trump warned on Thursday there was much more he could do that would hurt China's economy further, showing no signs of backing off an escalating trade war with Beijing.

The trade feud has been fueled by US accusations that China coerces foreign companies into handing over technology in return for access to the Chinese market, as well as by China's trade surplus with the U.S.

Analysts say a sharp depreciation of the yuan has also helped China weather the tariffs by making its exports cheaper. "Their economy has gone down very substantially and I have a lot more to do if I want to do it".

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In an interview on Fox News on Thursday, President Trump praised his tariffs on Chinese imports.

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

"I don't want to do it, but they have to come to the table", he continued.

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

In Bali, Indonesia, where he's attending global finance meetings, Treasury Secretary Steven Mnuchin said, "We are having discussions about a potential meeting". The US dollar has strengthened against a range of currencies this year as American interest rates have risen.

The International Monetary Fund this week cited the trade war as it lowered its 2019 growth forecast for China, which is set to see its slowest expansion since 1990.

The IMF also lowered estimates for the United States and the global economy as a whole.

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