China's September trade surplus with U.S. widens to record $34.13B

China's September trade surplus with U.S. widens to record $34.13B

The United States and China imposed new tit-for-tat tariffs against each other's goods in late September, the latest escalation in a heated trade war between the world's two largest economies.

58 Years of What?

A cargo ship is seen at a port in Qingdao in China's eastern Shandong province on Friday.

The company was indicted previous year along with a naturalised United States citizen on charges of conspiring to develop sensitive nuclear material with USA know-how without going through the required approval process. A 2017 Commerce Department report ranked China as the second largest market for United States nuclear exporters, second only to Britain.

For January-September, China's trade surplus with the United States was $225.79 billion, compared with about $196.01 billion in the same period past year.

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

While the data showed China's trade remained strong for the month, analysts forecast the trade war will start to hurt in coming months.

Analysts said last month's strong export growth - which might indicate US tariffs are not biting much yet - is unlikely to be sustained.

"The United States can not ignore the national security implications of China's efforts to obtain nuclear technology outside of established processes of US-China civil nuclear cooperation", Secretary of Energy Rick Perry said in a statement Thursday.

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

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

The US Energy Department said it would make it more hard to ship nuclear technology to China, one of the few growing markets for new plants as the Asian economy tries to meet rising electricity demand through low-carbon sources.

Trump accused China of thinking Americans are "stupid" and boasted that his tariffs had already "had a big impact" on China's stumbling economy in a Thursday interview on Fox News. "Their economy has gone down very substantially and I have a lot more to do if I want to do it. I don't want to do it but they have to come to the table".

The meeting was said to have been pushed by U.S. Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow. That prompted Mr Trump to threaten to extend the tariffs to nearly all China's $500 billion of exports. The US dollar has strengthened against a range of currencies this year as American interest rates have risen. When President Trump first hit China with 25 per cent tariffs on $50 billion of exports in June, Beijing retaliated with $50 billion of tariffs of its own.

But global trade would continue to face challenges as the U.S. The IMF also lowered estimates for the United States and the global economy as a whole.

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