Published: Sat, October 13, 2018
Money | By Wilma Wheeler

China's trade surplus with USA widens to record $34.1bn

China's trade surplus with USA widens to record $34.1bn

China's daily crude oil imports in September hit their highest level since May, customs data showed on Friday, as independent refiners looked to shore up their inventory ahead of winter.

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.

58 Years of What?

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. "We were led badly when it came to trade".

As the trade war between the USA and China escalates, .

The company was indicted past year along with a naturalized United States citizen on charges of conspiring to develop sensitive nuclear material with U.S. know-how without going through the required approval process.

Drilling down, we see that China's exports to its largest non-Japan Asia trading partners (South Korea and Taiwan) are sluggish. That's significantly higher than the $196 billion recorded between January and September previous year. Imports of American goods increased 9 percent to $12.6 billion, down from August's 11.1 percent growth.

Mnuchin would not say what the report would reveal, but in the past Treasury has placed China on a watch-list but said it did not meet the requirements to be labeled a currency manipulator.

Chinese exports to the United States have at least temporarily defied forecasts they would weaken after being hit by punitive US tariffs of up to 25 percent.

"For decades China has maintained a concerted, central government-run strategy to acquire nuclear technology to gain economic advantage", a U.S. official said on condition of anonymity. President Trump has warned there's a lot more he could do to hurt China's economy.

"They want to negotiate, they want to negotiate badly, but I told them, 'You're not ready yet".

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

China has steadfastly denied that it has manipulated the yuan to cope with the tariffs. The US dollar has strengthened against a range of currencies this year as American interest rates have risen.

"And that we're going to be make sure we don't have forced joint transfers and forced transfer of technology".

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