China’s trade surplus with USA hits record high of US$34 billion

12 Octubre, 2018, 15:25 | Author: Arnold Perez
  • China's operating steelmaking capacity increased by 36.5 million tonnes in 2016- more than twice as much as the total production capacity of Britain says a report

But China's trade surplus with the USA grew 10 percent in September from a record $31 billion in August, according to China's customs administration.

"We expect both to soften in the coming quarters", he said.

"We will watch for downside risks to China's exports" in the fourth quarter, Wang said.

The administration official said China is "actively pursuing our advanced nuclear technology for diversion to military use in its third-generation nuclear power submarine, in the development of a nuclear-powered aircraft carrier and in strategic dual use nuclear-powered platforms, such as small modular reactors and floating nuclear power plants deployable in the South China Sea". China then hit back with tariffs on about US$60 billion of USA imports.

The company was indicted a year ago along with a naturalised U.S. citizen on charges of conspiring to develop sensitive nuclear material with United States know-how without going through the required approval process.

China, the officials said, has been using unfair policies to surpass USA industry and without this step, United States companies could be placed at "an even greater disadvantage". The state-owned China General Nuclear Power Company (CGNPC) was also charged.

USA nuclear exports to China amounted to $170 million in 2017, the officials said.

Relations between the world's two largest economies have soured sharply this year, with US President Donald Trump vowing on Thursday to inflict economic pain on China if it does not blink.

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"Their economy has gone down very substantially", he said.

"They lived too well for too long and, frankly, I guess they think the Americans are stupid people", Trump said. Americans are not stupid people. "I don't want to do it but they have to come to the table", he warned.

The review, which examined the economic and national security ramifications, was prompted by China's efforts to gain U.S. intellectual property, sometimes illicitly, in ways that undermine American businesses and the military, officials told reporters in a conference call.

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

The International Monetary Fund on Tuesday cut its global economic growth forecasts for this year and next, saying that the U.S-China trade war was taking a toll.

Mr Trump renewed his charge that past presidents Obama and George W. Bush "let China get out of control" through the massive United States imports of manufactured goods.

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

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