Published: Fri, October 12, 2018
Economy | By

China's trade surplus with United States widens to record $34.1bn

China's trade surplus with United States widens to record $34.1bn

China's stock market has plunged this year but the trade war has also started to erode Trump's oft-touted U.S. stock gains, with the Dow Jones Industrial Average down more than five percent for the week.

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

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.

Li Kuiwen, a spokesman from the country's customs agency, also told reporters trade growth may slow somewhat in the fourth quarter.

But the robust numbers reported on Friday by China's customs agency - the last ones from China before U.S. congressional elections on November 6 - could prompt a reaction from U.S. President Donald Trump.

The move is part of the wide push from Washington against Beijing, in which the latest episode was the slapping of tariffs on US$250 billion worth of Chinese products. China then hit back with tariffs on about $60-billion of US imports.

For January-September, China's trade surplus with the United States was $225.79 billion, compared with about $196.01 billion in the same period a year ago.

The U.S. has already begun a rhetorical offense against China, with Vice President Mike Pence accusing the state of expanding global control via "debt diplomacy" and meddling in U.S. domestic affairs after the spying controversy came to light, for which a Chinese national was charged on October 11. "You're not ready yet, '" he said Thursday.

In an interview on "Fox & Friends", Trump said his slapping billions of dollars of tariffs on Chinese goods has forced them to try to make a deal.

But China has been standing firm, repeatedly saying that the only solution was through negotiation and compromise on both sides. "The fight won't end in the blink of an eye, considering it is between the world's two biggest economies".

For trade with all countries, China logged a surplus of $31.69 billion for September, compared with forecasts in a Reuters poll for $19.4 billion and August's surplus of $27.89 billion. "I don't want to do it but they have to come to the table", he warned.

Like this: