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profishingrods.com December 17, 2018


China defies Trump tariffs, trade surplus soars

12 October 2018, 10:54 | Joann Bryant

Reuters Liau Chung-ren

Trump Chinese lived too well for too long

As for the source of these imports, there have been a couple of interesting developments lately: earlier this month it emerged China had cut US oil imports to zero in August amid the deepening trade row, but at the same time it has turned its attention further north, to Canadian crude.

When Mr Trump then extended those tariffs to a further $200 billion of goods in September, Beijing promptly hit back with tariffs on a further $60 billion of United States goods.

For the first nine months, crude oil imports into China rose 6 percent on the year to 8.98 million bpd, or a total of 336 million tons, which is in line with projections about Chinese oil demand, despite worry that demand would slow down this year because of a domestic fuel glut. Imports grew 14.3 percent, down from 20.9 percent.

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

"It looks like there will be a meeting in Buenos Aires at the G20", Kudlow said in an interview with CNBC.

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

In Bali, Indonesia, where he's attending global finance meetings, Treasury Secretary Steven Mnuchin said, "We are having discussions about a potential meeting".




Last month, trade turnover between the two countries was more than $9 billion.

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

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

China-U.S. relations have also been roiled by Beijing's heated objections to U.S. support for Taiwan, the self-governing island democracy it claims as its own territory, as well as China's claim to virtually the entire South China Sea, where the U.S. says a Chinese destroyer came aggressively close to a U.S. Navy ship late last month, forcing it to maneuver to prevent a collision.

Trump said the Chinese want to negotiate but he does not believe they are ready and he told them so.

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



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