Trump says he has 'a lot more to do' on China trade

China’s trade surplus with the U.S. hit a record $34.1 billion in September amid trade war

Trump says he has 'a lot more to do' on China trade

The September surplus with the USA was larger than China's overall trade surplus for the month.

China's overall trade - what it buys and sells with all countries including the U.S. - logged a $31.7bn surplus, as exports rose faster than imports.

China's record high surplus with the United States could add to tensions in the trade relationship between the world's two largest economies.

The two countries imposed new tariffs on a massive amount of each other's goods mid-September, with the United States targeting $200bn in Chinese imports and Beijing firing back at $60bn worth of USA goods.

Analysts said last month's strong export growth - which might indicate USA tariffs are not biting much yet - is unlikely to be sustained.

President Trump has warned China that Washington is taking measures to curb the exporting of nuclear technology to China, adding that Americans were not "stupid", AFP reports as the Department of Energy released yesterday a set of measures "to prevent China's illegal diversion of us civil nuclear technology for military or other unauthorized purposes".

China's September exports rose a solid 14.5 percent from a year earlier, well above expectations despite wider application of US tariffs and signs of shrinking export orders for Chinese companies.

Communist officials have ordered companies to stop buying American soybeans - the biggest US export to China - and find alternative suppliers and export markets for other goods. China then hit back with tariffs on about $60 billion of US imports.

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In 2017, nine percent of payments for supplies from Russia to China were made in rubles; Russian companies paid 15 percent of Chinese imports in renminbi (yuan). "We expect both to soften in the coming quarters".

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

"The administration concluded that a change in USA civil nuclear cooperation with China is necessary to strike an appropriate balance between long-term risks to United States national security and economic interests and the impact to the U.S. nuclear industrial base", an administration official told reporters Thursday.

The meeting was said to have been pushed by U.S. Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow.

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

They are also promoting settlements in rubles and yuan, bypassing the U.S. dollar and other Western currencies.

The International Monetary Fund this week cited the trade war as it lowered its 2019 growth forecast for China, which is set to see its slowest expansion since 1990.

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

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