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

12 October, 2018, 18:38 | Author: Regina Silva
  • Trump says he has 'a lot more to do' on China trade

BEIJING-China's trade surplus with the United States widened to a record $34.1 billion in September as exports to the American market rose by 13 percent over a year earlier despite a worsening tariff war.

"China-US trade friction has caused trouble and pounded our foreign trade development", customs spokesman Li Kuiwen told reporters Friday.

Chinese exports to the United States have at least temporarily defied forecasts they would weaken after being hit by punitive tariffs of up to 25 percent in a fight over American complaints about Beijing's technology policy.

The world's largest trading nation got off to a strong start this year, but its economic outlook is being clouded by the escalating US trade dispute and cooling domestic demand.

"With global growth likely to cool further in the coming quarters and USA tariffs set to become more punishing, the recent resilience of exports is unlikely to be sustained", he said.

China's trade surplus with the U.S. grew 10 percent in September from a record $31bn in August, according to China's customs administration - a 22 percent jump from the same month past year.

China's exports to the US continued to rise at a double- digit clip in September compared with a year earlier, while imports fell for the first time since February.

It was about $196.01 billion in the same period past year.

Fyre Festival Founder Sent To Prison For 6 Years Over Disastrous Event
Effect of Sound Fyre Festival founder Billy McFarland is facing a multimillion-dollar class action lawsuit from ticket-holders. The Fyre Festival, which was supposed to be a posh event in the Bahamas in April and May of 2016.


Google Home Hub is all about simplifying the smart home experience
In a briefing with Google Australia yesterday it was confirmed that the Home Hub does indeed support their Duo calling app. Keep in mind though, that both of those devices have larger screens than the 7-inch display on the Google Home Hub .


Details of Juventus's deal for Aaron Ramsey revealed
Ramsey , whose deal expires at the end of the season, is free to negotiate with overseas teams from January 1. He started Wales' worldwide friendly against Spain at the Principality Stadium tonight.


Despite concerns from some officials about the yuan's depreciation, U.S. Treasury staff have not recommended labeling China as a currency manipulator in a coming report on foreign exchange rate practices, according to media reports on Thursday. The central bank has tightened controls on currency trading to head off further declines.

President Trump has warned China that Washington is taking measures to curb the exporting of nuclear technology to China, adding that Americans were not "stupid", AFP reports as the Department of Energy released yesterday a set of measures "to prevent China's illegal diversion of USA civil nuclear technology for military or other unauthorized purposes".

Year-on-year, its overall exports grew faster than expected in September, at 14.5 per cent in dollar terms compared with 9.8 per cent in August, while growth of imports slowed to 14.3 per cent from 20 per cent, the customs administration said.

In 2017, nine percent of payments for supplies from Russia to China were made in rubles; Russian companies paid 15 percent of Chinese imports in renminbi (yuan). The two nations have also established a Russian-Chinese investment fund worth 68 billion yuan (almost $10 billion) to develop trade, economic investment, and scientific cooperation.

Washington, Europe and other trading partners complain those violate Beijing's free-trade commitments and US officials worry they might erode American industrial leadership.

The volume of exports from China to Russian Federation has grown by nearly 13 percent, exceeding $35 billion.

Chinese exporters of lower-value goods such as handbags and surgical gloves say US orders have fallen off.

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.

Recommended:

  • Comcast takes majority control of Sky

    Comcast takes majority control of Sky

    This resulted in Comcast proposing a winning bid of £17.28 per Sky share, implying a value of £30.6bn. In July, Comcast dropped its bidding war with Disney to acquire assets of 21st Century Fox.

    Woman taken by crocodile in Northern Territory

    Initial reports suggested the woman was a ranger but police are still trying to confirm that and if she was working at the time. Due to the remoteness of the location the circumstances surrounding the incident have not been confirmed.
    Health Problems, Global Warming Linked, Per Study

    Health Problems, Global Warming Linked, Per Study

    Meanwhile, months with an increase of precipitation can increase the probability of mental health issues by 2 percent. Patz and his co-authors found that high temperatures impacted admissions for self-harm, including attempted suicide.
  • Volvo Cars, NVIDIA join forces for AI solution

    Volvo Cars, NVIDIA join forces for AI solution

    Earlier NVIDIA said that its software is capable of tracking movement of the head and eyes of the driver. Separately, Swedish supplier Veoneer and Germany's Continental also announced deeper ties with Nvidia.
    Melania Trump Isn't Concerned About Her Husband's Alleged Affairs

    Melania Trump Isn't Concerned About Her Husband's Alleged Affairs

    Add Melania Trump as an interest to stay up to date on the latest Melania Trump news, video, and analysis from ABC News . First lady Melania Trump (pictured in June) is speaking out about being bullied.
    Essential's Next Phone Reportedly Different Than Any Other

    Essential's Next Phone Reportedly Different Than Any Other

    In the a year ago , the company has been clouded by sexual harassment allegations involving Rubin's time at Google. Image: Google has launched a new OS system for its Google Pixel devices called Android 9 or Android Pie.
  • Global mental health report blasts South Africa for Esidimeni

    Global mental health report blasts South Africa for Esidimeni

    According to World Health Organization , half all the mental illnesses begins by age 14 and often goes undetected and untreated. The numbers of young people , including children under the age of 14, presenting and dealing with mental illnesses is rising.
    Here's our first glimpse of 2019's Aladdin

    Here's our first glimpse of 2019's Aladdin

    It's more of a mood piece, introducing viewers to the.whole new world of the long-awaited revival. Principal photography began two months later, and the four-month shoot concluded in January.
    Ryan Coogler May Direct Smaller Film Before 'Black Panther 2'

    Ryan Coogler May Direct Smaller Film Before 'Black Panther 2'

    And though that project will take up a lot of his time, it might not be the immediate film on his docket. Critics pundits anticipate a best picture nomination for the film.
  • Wales vs. Spain - Football Match Report

    Wales vs. Spain - Football Match Report

    The visitors' second goal came from a free-kick from the former Liverpool forward that reached Ramos who headed into the bottom corner.
    Taylor Swift sets new American Music Award record, urges people to vote

    Taylor Swift sets new American Music Award record, urges people to vote

    Taylor Swift kicked off the 2018 American Music Awards , marking her first awards show performance in three years. Cardi's husband Offset also had reason to celebrate as his group Migos was named Favorite Pop/Rock Duo or Group.
    QB Kelly Bryant Has Scheduled A Transfer Visit To Another Program

    QB Kelly Bryant Has Scheduled A Transfer Visit To Another Program

    Bryant had made over 18 starts over the last two seasons, with Clemson going 16-2 over those games. North Carolina has had quarterback issues since Mitchell Trubisky left following the 2016 season.


Popular

Patisserie Valerie shares suspended as black hole found
Chairman Luke Johnson said: "We are all deeply concerned about this news and the potential impact on the business". The company confirmed this on Wednesday and revealed that finance director Chris Marsh had been suspended.

Thierry Henry linked with AS Monaco job
Monaco full-back Benjamin Henrichs says it would be "interesting" if Thierry Henry replaced Leonardo Jardim at the Ligue 1 club. Monaco Vice President and Chief Executive Officer Vadim Vasilyev acknowledged Jardim's time at the French club as historic.

Northern Irish party threatens to topple Theresa May's United Kingdom government
This, however, would raise the prospect of increased regulation checks between Northern Ireland and the rest of the UK. He added: "Agreement is within reach if we have the negotiations on October 17 at the next council meeting".

11-Year-Old Girl Killed by Windborne Carport Amid Hurricane Michael
The US national guard has reached the town, dubbed " ground zero ", and found 20 people who survived a direct hit from Michael. The Federal Emergency Management Agency said it will focus efforts on rescuing those trapped by flooding and other damage.

Archbishop of Washington DC Cardinal Donald Wuerl resigns amid cover-up scandal
Rocca and Ian Lovett report on Francis' remarks, in which he claims that Wuerl could have mounted a defense against the charges. A source familiar with the matter told the paper that Wuerl would serve on an interim basis until a replacement was chosen.

Thousands without power as Storm Callum sweeps in
Rainfall totals could reach as high as 150mm over the Brecon Beacons, almost as high as the monthly average of 170mm for Wales. That in itself is likely to bring disruption to roads and there is likely to be some bridge closures and power outages.

New ladies' W series aims to find next F1 star
In the entirety of Formula 1, there has been no female Formula 1 Grand Prix race victor , let alone a world champion. Next year will be a new formula one championship called the W Series , which will serve only women.

Princess Eugenie wedding: Baking and bunting ahead of big day
About 38,000 people signed a petition, organised by campaign group Republic, against taxpayers' money being spent on the occasion. Afterward, the newlyweds plan a carriage ride through the streets of Windsor to give the public a chance to see them up close.

Time runs out for Florida residents to leave ahead of Hurricane Michael
However, forecasters always note it is not possible to say where a hurricane will land until it is closer to the coast. In Panhandle counties, most state offices, schools and universities were closed for the rest of the week.

Lewis Hamilton: 'Media need to show Sebastian Vettel more respect'
It's really weird - obviously, I have been racing a long, long time, but the happiness I have inside is as high as always. Ferrari's engine advantage mid-season has seemingly disappeared as performances have dipped at recent events.