China's trade surplus with US widens to record $34.13 bil

China's trade surplus with US widens to record $34.13 bil

China's trade surplus with US widens to record $34.13 bil

Evans said he wasn't aware of "anything happening in the last couple of weeks that alter my basic take that financial stability conditions are reasonably moderate, and that we're in reasonable shape at the moment".

The move appeared to be part of a more concerted effort by the Trump administration to put new pressure on China beyond the tariffs that President Donald Trump has already announced on Chinese goods, according to media reports in Washington.

Trump renewed his charge that past presidents Obama and George W. Bush "let China get out of control" through the massive U.S. imports of manufactured goods.

Beijing's export data has been surprisingly resilient to tariffs, possibly because companies ramped up shipments before broader and stiffer US duties went into effect, raising concerns about a sharper drop in export strength once all tariffs kick in.

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.

China is "actively pursuing our advanced nuclear technology for diversion to military use in its third-generation nuclear power submarine, in the development of a nuclear-powered aircraft carrier and in strategic dual-use nuclear-powered platforms, such as small modular reactors and floating nuclear power plants deployable in the South China Sea", the official said.

What started out as a trade war between the USA and China is showing alarming signs of escalating into a geopolitical war.

Mnuchin met on Thursday with Yi Gang, head of China's central bank.

"It's got to be more than a signal" from China, Mnuchin said. The Journal reported the Trump administration in recent days told Beijing it will go ahead with the meeting, which China has been hoping could help ease the escalating trade tensions. That's significantly higher than the $196 billion recorded between January and September past year.

-China trade dispute. Pillsbury said this meeting presents a chance to squash the tit-for-tat tariff fight that the world's two biggest economies have been engaged in since July. Next month's meeting will be the first direct talks since August, the Washington Post reports.

In a separate report released on Friday, the International Monetary Fund (IMF) cut its expectations for China's GDP growth by 0.2 per cent for 2019, citing the ongoing trade tensions.

But the robust numbers reported on Friday by China's customs agency - the last ones from China before U.S. congressional elections on November 6 - could prompt a reaction from U.S. President Donald Trump.

China's overall export growth accelerated, temporarily defying forecasts of a slowdown as the global economy and consumer demand cool.

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

Shipping containers are seen at a port in Lianyungang, Jiangsu province, China September 8, 2018. An official survey also confirmed a further manufacturing weakening.

"The trade-oriented industries are still vulnerable to further escalation of the tariff war", HSBC analysts Julia Wang and Aakanksha Bhat said in a research report on Friday.

Related news