China-US surplus hits record, adding fuel to trade war

  • China-US surplus hits record, adding fuel to trade war

China-US surplus hits record, adding fuel to trade war

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

She cited a jump in exports of electrical machinery - the biggest export item from China to the US - as a sign exporters might have pushed out shipments ahead of implementation of the latest tariffs on $200 billion in Chinese exports.

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.

The direct impact and indirect influence caused by ongoing trade frictions is "controllable", the General Administration of Customs said Friday, according to a report in the state-run China Daily.

In the Department of Energy release, Secretary Rick Perry said, "The United States can not ignore the national security implications of China's efforts to obtain nuclear technology outside of established processes of U.S".

China will cut import tariffs on a wide range of goods beginning on November 1, as part of Beijing's pledge to take steps to increase imports this year amid rising tension.

"We expect both to soften in the coming quarters", he said. That prompted suggestions Beijing might weaken the exchange rate to help exporters, but that might hurt China's economy by encouraging an outflow of capital.

Export numbers have been buoyed by producers rushing to fill orders before American tariffs rose, but they also benefit from "robust US demand" and a weaker Chinese currency, which makes their goods cheaper overseas, said Louis Kuijs of Oxford Economics in a report.

China's exports to the United States rose to $46.7 billion while imports slumped to $12.6 billion.

Economists warn that a protracted dispute will eventually stunt growth not just in the USA and China but across the broader global economy.

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

China's overall trade - what it buys and sells with all countries including the USA - logged a $31.7 billion surplus, as exports rose faster than imports.

For trade with all countries, China logged a surplus of $31.69 billion for September, compared with forecasts in a Reuters poll for $19.4 billion and August's surplus of $27.89 billion.

China has steadfastly denied that it has manipulated the yuan to cope with the tariffs.

The International Monetary Fund on Tuesday cut its global economic growth forecasts for this year and next, saying that the U.S-China trade war was taking a toll.