Wednesday, 21 November, 2018

China says in 'communication' amid report of Trump-Xi meet

Trump Chinese lived too well for too long Reuters Liau Chung-ren
Kelvin Reese | 12 October, 2018, 22:58

China's trade surplus with the United States surged to a record high of $34.13 billion in September from the August figure of $31.05 billion, Chinese customs data reported on Friday, according to Reuters.

- China said Friday it is in contact with the United States amid reports of a planned meeting between President Xi Jinping and President Donald Trump next month following a dive in the USA stock market blamed partly on a growing trade war between the world's two largest economies.

The two countries imposed new tariffs on a massive amount of each other's goods mid-September, with the U.S. targeting $200 billion in Chinese imports and Beijing firing back at $60 billion worth of United States goods.

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

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

"We will watch for downside risks to China's exports" in the fourth quarter, Wang said.

Trump told Fox News on Thursday that previous USA administrations had allowed China to pursue unfair trade for too long and that it was time for him to stop it.

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

President Trump added he could do a lot more if he wanted to, but said he would prefer Beijing come to the negotiating table.

Plus, the 10 percent tariffs were nearly entirely offset by the fall in the Chinese currency, which has depreciated by more than 8 percent since June. The Chinese currency has been falling in value against the dollar in recent months, raising concerns that Beijing is devaluing its currency to make Chinese goods more competitive against USA products.

Reports that Mnuchin has advised against labeling China a currency manipulator - a status that could trigger penalties - were also seen as easing tensions.

Trump has made similar accusations, although security experts say they didn't know of any Chinese influence operations comparable to Russian activities during the 2016 presidential election.

The IMF also lowered estimates for the United States and the global economy as a whole.

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