Trump warns he could do ‘a lot more’ on China trade
Trump warns he could do ‘a lot more’ on China trade
US Treasury Secretary Steven Mnuchin says the trade war with China will benefit not hinder alliesMore
12 October, 2018, 19:45
China's stock market has plunged this year but the trade war has also started to erode Trump's oft-touted United States stock gains, with the Dow Jones Industrial Average down more than five percent for the week.
China's vast export engine unexpectedly kicked into higher gear in September, producing a record trade surplus with the United States that could exacerbate the already-heated dispute between Beijing and Washington.
China's politically-sensitive surplus with the US was $34.13 billion in September, surpassing the record of $31.05 billion in August.
A weaker yuan CNY=CFXS, which has depreciated about 6 percent against the dollar this year, may have taken the sting out of the tariffs imposed on $250 billion of exports to the United States.
The direct impact and indirect impact of the ongoing trade frictions is "generally controllable", Customs department spokesman Li Kuiwen said Friday.
Export numbers have been buoyed by producers rushing to fill orders before American tariffs rose, but they also benefit from "robust US demand" and a weaker Chinese currency, which makes their goods cheaper overseas, said Louis Kuijs of Oxford Economics in a report.
Over the first nine months of the year, China's surplus with its largest export market totaled $225.79 billion, compared with about $196.01 billion in the same period last year.
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"He won't be happy with these figures but it proves that tariffs don't help curb exports", Huo said.
An opportunity for talks between Trump and Chinese President Xi Jinping could come during the Group of 20 leaders' summit in Buenos Aires in late November, the Wall Street Journal reported. "Their economy has gone down very substantially and I have a lot more to do if I want to do it".
Trump's strategy amounted to "bullying", said Yu Xiang, division of American economic studies at the China Institutes of Contemporary International Relations.
"Bullying might be effective for small economic entities, but it will not be effective against a big economic power", Yu wrote in a column published Friday in the state-run China Daily.
The Chinese trade surplus with Europe was $12.7 billion.
China's record high surplus with the U.S. could add to tensions in the trade relationship between the world's two largest economies.
"I don't want to do it, but they have to come to the table", he continued.
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