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

Screen Shot 2018 10 10

China's trade surplus with the United States ballooned to a record $34.1 billion in September, despite a raft of U.S. tariffs, official data showed Friday, adding fuel to the fire of a worsening trade war.

Overall export growth accelerated to 14.5% on the year from less than 10% in August, with even export growth to the US picking.

The trade war entered a new level in September, with the USA imposing 10 per cent tariffs on US$200 billion worth of goods imported from China, effective as of September 24, which could escalate to 25 per cent in January 2019, while China fought back with tiered tariffs from 5 to 10 per cent on US$60 billion of United States goods.

Trade turnover between Russian Federation and China has been rapidly growing, rising 30 percent to reach $77 billion from January to September, statistics from China's General Administration of Customs show.

Kudlow said that so far, the administration viewed China's negotiating offers as "rather unsatisfactory" but that "maybe talks between the two heads of state will bear fruit".

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US laws mandating the report require the Treasury to enter special negotiations with an offending country to correct their practices, a process that could eventually lead to trade sanctions. "We were led badly when it came to trade". China then hit back with tariffs on about $60-billion of USA imports.

But it was still too early to see the impact of the tariffs, said Julian Evans-Pritchard, China economist at Capital Economics, a consultancy.

The yuan has fallen for weeks against the United States dollar, dropping nine percent in the past six months, which mitigates the rise in the price of Chinese goods caused by punitive U.S. tariffs. This makes Chinese products cheaper overseas.

"He won't be happy with these figures but it proves that tariffs don't help curb exports", Huo said.

But he and Xi Jinping will have a chance to work things out when they meet likely next month on the sidelines of the G20 summit.

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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.

"Their economy has gone down very substantially and I have a lot more to do if I want to do it", Trump said in an interview with Fox News.

However, an oil trader told Reuters that refinery run rates have been on the rise last month, suggesting demand for fuels was improving.

China's large trade surplus with the United States has always been a sore point with Washington and is at the center of an increasing bitter dispute between the world's two biggest economies.

"If they decide they don't want to hold them, there are other buyers", Mnuchin said in an interview with the outlet.

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