China trade surplus with US widens to record $34.1B

Screen Shot 2018 10 10

"It's obvious that the immediate effects of the trade war are the exact opposite of what the Trump administration had been planning", said Andrew Polk of Trivium China, a Beijing-based economics research firm.

China's trade surplus with the United States hit a record $34.1 billion last month, according to official figures released in Beijing on Friday, news that is likely to further inflame the trade dispute with the United States. That's significantly higher than the $196 billion recorded between January and September past year.

China's September exports rose a solid 14.5 percent from a year earlier, well above expectations despite wider application of USA tariffs and signs of shrinking export orders for Chinese companies. Imports of Russian goods surged by around 40 percent to $42 billion, said the customs service. The Chinese currency has been falling in value against the dollar in recent months, raising concerns that Beijing is devaluing its currency to make Chinese goods more competitive against US products. -China trade frictions "have been escalating and other instable factors still exist caused by a number of economic uncertainties worldwide", spokesman Li Kuiwen said.

China's export data has been surprisingly resilient to tariffs, possibly as companies ramped up shipments before stiffer USA duties go into effect, but factory surveys have shown export orders have been shrinking for several months.

The trade war entered a new level in September, with the USA 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 United States goods.

But China's trade surplus with the United States grew 10 percent in September from a record $31 billion in August, according to China's customs administration.

While the data showed China's trade remained strong for the month, analysts forecast the trade war will start to hurt in coming months.

Status Orange weather warning for Galway to remain in place until 5pm
Rain will then hit Edinburgh on Friday afternoon, becoming increasingly heavier into the evening. Strong to gales force winds will affect Ireland and the United Kingdom during Friday 12 Oct.

Reports that Mnuchin has advised against labeling China a currency manipulator - a status that could trigger penalties - were also seen as easing tensions.

Chinese 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 percent.

Plus, the 10 percent tariffs were nearly entirely offset by the fall in the Chinese currency, which has depreciated by more than 8 percent since June.

Chinese refiners are buying more and more very cheap heavy Canadian crude oil to make up for the dwindling supply of Venezuela's heavy grades as China's road construction sector-a key consumer of the heavy oil's bitumen yield-is booming.

Trump should take notice of the statistics, said Huo Jianguo, a trade expert at the Center for China and Globalization in Beijing.

Trump and Xi have agreed to meet next month at the G-20 summit in Buenos Aires to discuss the escalating U.S. These would be the first direct talks since August, but with both sides digging in their heels, there are few hopes the leaders can secure a major breakthrough.

"It's had a big impact", Trump said in a Fox News interview.

Related News:

  • Odell Beckham Catches 1st Touchdown of 2018

    Odell Beckham Catches 1st Touchdown of 2018

    The last time they failed to convert a single third down was December 24, 2006, against the Saints. New York Giants coach Pat Shurmur is in charge of a bad team and a generally unproductive offense.
    Stardew Valley Coming to Mobile in Late October, First on iOS

    Stardew Valley Coming to Mobile in Late October, First on iOS

    The Switch multiplayer update has entered quality assurance testing, with the PS4 and Xbox One versions soon to follow. Stardew Valley will be priced at $7.99 on iOS and you can preorder it today from the App Store .
    Meghan Markle's Ex-Husband Trevor Engelson Has Engagement Party

    Meghan Markle's Ex-Husband Trevor Engelson Has Engagement Party

    Samantha was later photographed holding masks of Meghan and Harry's faces, which she repeatedly purchased at a souvenir stand. Eugenie and Jack have shared family photographs from their childhood on the eve of their wedding.
  • Ministers in revolt over May’s Brexit concessions

    Ministers in revolt over May’s Brexit concessions

    The document stated that the UK Government "expects" this arrangement to remain in place no later than the end of December 2021. The BBC understands concerns centred around plans to ensure no hard border between Ireland and Northern Ireland .
    Conor McGregor was suspended from fighting

    Conor McGregor was suspended from fighting

    Nurmagomedov was hustled out surrounded by security officers as a pro-McGregor crowd jeered and threw drinks at him. McGregor then landed a punch on a member of Nurmagomedov's team who had made his way into the octagon.
    Will Smith reveals first post for Disney's 'Aladdin'

    Will Smith reveals first post for Disney's 'Aladdin'

    Aladdin plans to uses these wishes to win over the handsome Princess Jasmine , but the evil Jafar has other plans. Disney knows a good thing when they see it, so they're all-in on live-action remakes of their animated hits.
  • Hurricane Michael Devastates Florida, Two Dead

    Hurricane Michael Devastates Florida, Two Dead

    An 80-mile stretch of Interstate 10 was reopened Thursday after it was shut down to clear debris form Hurricane Michael. So far, no counties along the devastated northwest Florida coast have reported deaths related to the storm.
    Selena Gomez reportedly admitted to mental health facility

    Selena Gomez reportedly admitted to mental health facility

    While Momina Mustehsan has previously spoken of her panic attacks, model Kendall Jenner described her "debilitating anxiety". Selena Gomez is seeking treatment after suffering an emotional breakdown while in the hospital, according to reports .
    Trump, Kanye Meet In The Oval Office

    Trump, Kanye Meet In The Oval Office

    Instead, the company has suggested in the past that users select passcodes with unique significance only they may know. It's handsome though." He said that Trump had given him (we assume metaphorically) "a Superman cape " to help do good.
  • Essential's Next Phone Will Be A Wildly Different, AI-Powered Companion

    Essential's Next Phone Will Be A Wildly Different, AI-Powered Companion

    Rubin has already achieved one of the biggest feats by the laying the foundation of the modern smartphone business with Android. Previously we heard that the next project for the company would be a smart speaker rather than the next Essential Phone .
    Lightning strikes twice! Usain Bolt scores brace in crucial football match

    Lightning strikes twice! Usain Bolt scores brace in crucial football match

    Witnessed by more than 6,000 people at the stadium, Bolt broke into his trademark celebration move after the first goal.
    Flight with 133 on board grazes wall at Trichy airport

    Flight with 133 on board grazes wall at Trichy airport

    Officials said the DGCA was probing the matter and the damage to the aircraft's belly, including the wheels, is being assessed. The plane was then diverted to Mumbai, where it landed safely - although the aircraft sustained some damage.


Most liked

WhatsApp security bug enabled hackers to take over phones with video call
And now as the WhatsApp bug has been patched, you need to update to the latest version available for Android and iOS. Last month, Brian Acton went on record to say that he sold users' privacy when Facebook acquired WhatsApp.

Gathering strength, Hurricane Michael heads for Florida
The National Weather Center called Michael a "worst case scenario" for Northwest Florida. "It's a massive storm", Florida Gov. The governor activated 750 National Guardsmen for storm response on Monday, on top of the 500 activated the day before.

Couple killed in Majorca floods
Soldiers used shovels to clear the thick mud from the streets of the town, 60 kilometres east of the island's capital of Palma . Heavy rains have fallen last night on the very touristic island of the Balearic islands, causing a sudden rise of the waters.

Trial of USA pastor Brunson resumes in western Turkey
Hopes are rising that American pastor Andrew Brunson may be freed, more than two years after he was first detained in Turkey . Norine Brunson , wife of USA pastor Andrew Brunson, departs for her husband's court hearing in Izmir, Turkey October 12, 2018.

It's not right! Saha hits out at Pogba's Mourinho comments
France face Iceland in a friendly in Guingamp on Thursday and resume their Nations League campaign with a return clash at home to Germany on October 16, following a 0-0 draw in Munich last month.

Kanye West Rambles Like Trump In White House Meeting
The two men were getting ready for lunch with National Football League great Jim Brown , Ivanka Trump , and Jared Kushner . Kanye turned to the issue of racism, saying "As black people, we also need to take responsibility for what we're doing".

Trump blames Fed for stock rout, says central bank ‘ridiculous’
Now, explaining market actions through psychology is probably as much a mug's game as psychoanalyzing a Fed chair from afar. Efforts to cool down the market generally accompany rises in inflation, but there are few signs of that at the moment.

Cyclone batters eastern India, 300,000 evacuated
The students' union poll across the state scheduled for October 11 has been cancelled, Chief Secretary Aditya Prasad Padhi said . Bishnupada Sethi said Gajapati was the most affected district and a report over the damage has been sought from the Collector.

Asian markets close lower amid IMF’s global growth forecast downgrade
The FTSE 100, which closed at 7,233.33, is forecast to open 10 points higher when trading begins shortly. The IMF has, therefore, not changed its estimate for the US' growth in 2018 keeping it as is at 2.9%.

Google exposed personal data of nearly 500,000 and didn't disclose it
We believe it occurred after launch as a result of the API's interaction with a subsequent Google + code change. Google has chose to shut down the consumer version of its failed social network Google +.

India name unchanged 12-man squad for 2nd Test
Kedar Jadhav's dodgy hamstring will rule him out of the limited-overs leg which opens up one potential middle-order batting slot. Khaleel Ahmed has also been included on the back of some good performances at the recently concluded Asia Cup.

Giants parting ways with OT Flowers
NY has FINALLY realized that , and the former Miami Hurricane will reportedly be released on Tuesday if he's not traded by 4 p.m. Flowers, 24, is in the final year of a four-year, $14.3 million rookie contract, which includes a team option.

British PM May briefed inner cabinet 'Brexit deal close'
Speaking to reporters in Brussels, Margaritis Schinas said: "We are not there yet". Another summit in November is planned to close the deal.

Jay Ajayi: Eagles should have run more vs. Vikes
With four minutes and change left in the game's first half, the Eagles drove to the Vikings' 31 easily on their fourth possession. His early misses behind him, Bailey nailed a 52-yard field goal with 2:51 left in the game to extend the Vikings' lead to 23-14.

'Unprecedented changes' needed to protect Earth from global warming
But the scientists say that the world is now on track for a rise of three degrees. But if warming stops at 2 degrees, more than 99 % of reefs could disappear.