China's Oil Imports Jump To 4-Month High In September

China's Oil Imports Jump To 4-Month High In September

The US treasury secretary is convinced there are "other buyers" for China's stock of more than $1 trillion worth of US securities. "So we'll see", Kudlow said.

Fresh concern about a trade war with China and rising interest rates have in part sparked a broad USA stock market sell-off, with the S&P 500 on Wednesday falling the most since February. In 2017, the United States had a deficit with China of $376 billion, excluding services, out of a total goods deficit with the world of $832 billion.

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.

The second round of tariffs that the Trump administration imposed on China came into effect only on September 24, so the increase in exports last month might have been the result of Chinese companies rushing to sell their products before the additional duties were added.

What started out as a trade war between the USA and China is showing alarming signs of escalating into a geopolitical war.

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"They lived too well for too long", Trump said of the Chinese during his Fox News interview.

"The fundamentals of the US economy continue to be extremely strong, I think that's why the stock market has performed as well as it has".

The Wall Street Journal, citing officials in both countries, reported that the two leaders will meet at the G20 summit in Argentina late next month.

"We are seeing more and more - China included - countries that actually let their currency fluctuate, and that certainly has been the case over the last three years as far as China is concerned", Lagarde said.

In his comments in Bali, Mnuchin did not say what the forthcoming Treasury report, set to come out next week, will conclude about China's currency practices.

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Beijing's exports have been robustly growing all year in the face of rising tariffs and increasing uncertainty over relations with Washington. The central bank has tightened controls on currency trading to head off further declines.

"I expressed my concerns about the weakness of the currency".

"That would be very costly for them", Mnuchin said.

China's trade surplus with the U.S. jumped to a monthly record high of US$34.1 billion last month on the back of an escalating trade war that shows little sign of cooling, according to data released by China's customs administration on Friday.

The Chinese yuan has lost almost 10 percent of its value against the US dollar this year.

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"It's obvious that the immediate effects of the trade war are the exact opposite of what the Trump administration had been planning", said Andrew Polk of Trivium China, a Beijing-based economics research firm.

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