Published: Fri, October 12, 2018
Money | By Armando Alvarado

China's September trade surplus with USA widens to record $34.13 billion

China's September trade surplus with USA widens to record $34.13 billion

As for the source of these imports, there have been a couple of interesting developments lately: earlier this month it emerged China had cut USA oil imports to zero in August amid the deepening trade row, but at the same time it has turned its attention further north, to Canadian crude.

58 Years of What?

After imposing tariffs on $50 billion worth of Chinese goods over the summer, the Trump administration last month added a 10 percent tariffs to another $200 billion worth of Chinese products, encompassing everything from household items like furniture and toys to industrial equipment.

Foreign ministry spokesman Lu Kang offered no specifics, but said that "I have also seen the relevant reports".

Imports grew 14.3 percent, slightly missing forecasts, customs data showed Friday.

China's exports to the U.S. rose to $46.7 billion while imports slumped to $12.6 billion.

The September surplus with the US was larger than China's overall trade surplus for the month.

Overall, China's global exports rose 14.5 percent over a year earlier, up from August's 12.2 percent growth.

Hurricane Michael could hit Florida as a Category 3 Wednesday
However, forecasters always note it is not possible to say where a hurricane will land until it is closer to the coast. But emergency authorities lamented that many people ignored the warnings and seemed to think they could ride it out.

Last month, trade turnover between the two countries was more than $9 billion.

China's export jump for the month suggests exporters were shipping goods early to beat the latest tariffs, said ANZ's China economist Betty Wang, citing the bounce in electrical machinery exports, much of which faced the looming duties.

Analysts say a sharp depreciation of the yuan has also helped China weather the tariffs by making its exports cheaper.

He also blamed previous USA presidents for allowing China to pursue unfair trade practices and said he had to tell Beijing, "It's over".

In an interview on Fox News on Thursday, President Trump praised his tariffs on Chinese imports. "I don't want to do it but they have to come to the table", he warned.

The yuan has lost almost 10 percent of its value against the United States dollar this year. The US dollar has strengthened against a range of currencies this year as American interest rates have risen. "We were led badly when it came to trade".

The growing trade war prompted the International Monetary Fund on Tuesday to cut its global economic growth forecasts for 2018 and 2019.

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