China’s Exports, Imports Grow, as Does Trade Surplus With US

China’s Exports, Imports Grow, as Does Trade Surplus With US

China’s Exports, Imports Grow, as Does Trade Surplus With US

"We need to do work in advance to be sure there are changes and we can have a more balanced trading relationship", the Treasury secretary said. "We expect both to soften in the coming quarters".

"Exports continued to defy USA tariffs last month but imports struggled in the face of cooling domestic demand", said Julian Evans-Pritchard of Capital Economics in a report.

China's exports to the U.S. rose to $46.7 billion while imports slumped to $12.6 billion.

With China and the United States opening the door to a meeting next month between Presidents Xi Jinping and Donald Trump, hopes are rising for a potential easing of tensions in the trade war between the world's two largest economies.

This appears to have had some impact on Chinese imports of American products, which dropped by 9 percent last month. "I can't say 100 per cent certainty, but there is no question everybody is looking at it".

What started out as a trade war between the United States and China is showing alarming signs of escalating into a geopolitical war. Trump also on Wednesday renewed criticism of the Federal Reserve for raising interest rates, calling it a "mistake" and later reiterated his view in a Fox Business interview that the Fed "is going loco".

The Wall Street Journal and the Washington Post both cited officials saying Trump has made a decision to proceed with the meeting with Xi.

"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.

Commenting on this week's plunge in stock markets, Mnuchin called it a "natural correction", CNBC reported.

Mnuchin met on Thursday with Yi Gang, head of China's central bank.

Treasury issues a currency report twice a year to Congress to identify countries that are trying to artificially manage the value of their currency to gain a trade advantage. She pointed to the dollar's strength as the main culprit for the weaker Chinese currency.

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

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

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

"The way the US has structured the tariffs encourages frontloading because firms that know they're going to hit with tariffs would rather pay 10 percent than 25 percent", he said.

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