China's trade surplus with the United States hit record highs in September

12 October, 2018, 22:54 | Author: Billie Castillo
  • Mike Pence warned that China had abandoned “the pathway to freedom”

"The way the USA 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.

The Trump administration has so far imposed tariffs on 250 million dollars-worth of Chinese goods, with Beijing retaliating in kind.

China has steadfastly denied that it has manipulated the yuan to cope with the tariffs.

Now Mike Pence, the vice-president, has raised the stakes with a ferocious broadside against Beijing, accusing it of engaging in a military, economic and political campaign to... That's significantly higher than the $196 billion recorded between January and September previous year.

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.

Year-on-year, its overall exports grew faster than expected in September, at 14.5 per cent in dollar terms compared with 9.8 per cent in August, while growth of imports slowed to 14.3 per cent from 20 per cent, the customs administration said.

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The yuan has fallen for weeks against the USA 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.

Chinese refiners are buying more and more very cheap heavy Canadian crude oil to make up for the dwindling supply of Venezuela's heavy grades as China's road construction sector-a key consumer of the heavy oil's bitumen yield-is booming.

"I have a lot more to do if I want to do it".

But China has been standing firm, repeatedly saying that the only solution was through negotiation and compromise on both sides.

"Bullying might be effective for small economic entities, but it will not be effective against a big economic power", Yu wrote in a column published Friday in the state-run China Daily. But that might hurt China's economy by encouraging an outflow of capital.

"I don't want to do it, but they have to come to the table".



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