Trump’s China tariffs massively backfire as trade deficit smashes record high

Trump’s China tariffs massively backfire as trade deficit smashes record high

The trade war entered a new level in September, with the U.S. imposing 10 per cent tariffs on US$200 billion worth of goods imported from China, effective as of September 24, which could escalate to 25 per cent in January 2019, while China fought back with tiered tariffs from 5 to 10 per cent on US$60 billion of USA goods. The Shanghai Composite index advanced 0.9 per cent to 2,606.91.

Concerns have been raised that China, the largest foreign holder of U.S. Treasurys, might start dumping its holdings as a way to pressure the United States in the trade dispute.

He also blamed previous US presidents for allowing China to pursue unfair trade practices and said he had to tell Beijing, "It's over".

Reports that Mnuchin has advised against labeling China a currency manipulator - a status that could trigger penalties - were also seen as easing tensions.

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

Disney makes donation to Hurricane Michael survivors
He said: "My expectation is if you are a health care facility you have a responsibility to take care of those patients". The woman lived in a small cinderblock house about 150 yards (meters) from the Gulf and thought she would be OK.

Despite a worsening tariff war, China's trade surplus with the United States has widened to a record $34.1bn in September.

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. That's significantly higher than the $196 billion recorded between January and September past year.

Lowered manufacturing output reported at the end of September in China indicates that the tariffs may be starting to bite Beijing. Export numbers have been buoyed by producers rushing to fill orders before American tariffs rose.

Customs data on Friday showed growth in Chinese imports of US goods decelerated to 9 percent over a year earlier.

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. That prompted suggestions Beijing might weaken the exchange rate to help exporters, but that might hurt China's economy by encouraging an outflow of capital. The central bank has tightened controls on currency trading to prevent further declines.

Related Articles

  • Pope Francis: Satan Is Stalking The Catholic Church

    Pope Francis: Satan Is Stalking The Catholic Church

    However, as Pope Francis has said: "We will follow the path of truth wherever it may lead" (Philadelphia, Sept. 27, 2015). Wuerl had originally resigned on his 75th birthday, November 12, 2015, as is the custom among Catholic bishops.
    Climate change: Indonesia’s leadership is critical

    Climate change: Indonesia’s leadership is critical

    Limiting global warming to less than 2ºC will hopefully allow ecosystems and animals to adapt to the gradually rising temperatures.
    Google’s Dirty Secret That Led To The Shut Down Of Google+

    Google’s Dirty Secret That Led To The Shut Down Of Google+

    This data is limited to static, optional Google + Profile fields including name, email address, occupation, gender and age. As a result all European Union data protection authorities have jurisdiction to engage with Google on the breach.
  • Mental health crisis could cost the world $22 trillion by 2030

    Mental health crisis could cost the world $22 trillion by 2030

    For we are not looking after our health if we are not looking after our mental health . For more information on mental health, you can visit Interior Health .
    India name unchanged 12-man squad for 2nd Test

    India name unchanged 12-man squad for 2nd Test

    The first ODI will be played on October 21 in Guwahati while the second ODI will be played on October 24 in Visakhapatnam. In September, Thakur was sent home from the Asia Cup after complaining hip injury following the Hong Kong game.
    Giants expected to part ways with OT Ereck Flowers, report says

    Giants expected to part ways with OT Ereck Flowers, report says

    NY has FINALLY realized that , and the former Miami Hurricane will reportedly be released on Tuesday if he's not traded by 4 p.m. After being drafted with the 9th pick out of Miami the expectations were high, and he was never able to live up to those in NY .
  • Storm Callum: Severe gusts expected in North West this morning

    Storm Callum: Severe gusts expected in North West this morning

    About 1,000 homes have been left without power and some flood defences have failed as Storm Callum batters parts of the UK. Saturday also brings some very unsettled weather with a further rain warning of more rain for Cumbria.
    Tropical Storm Michael Moves Near Western Cuba

    Tropical Storm Michael Moves Near Western Cuba

    He said: "Our state understands how serious tropical weather is and how devastating any hurricane or tropical storm can be". Rick Scott said on October 7 that he will declare a state of emergency for the Florida Panhandle area for the storm .
    Usain Bolt scores two goals in A-League practice match

    Usain Bolt scores two goals in A-League practice match

    Witnessed by more than 6,000 people at the stadium, Bolt broke into his trademark celebration move after the first goal. Incredibly, Bolt netted as many goals during the 75 minutes he was on the pitch as the passes he completed.
  • IMF chief, Pakistan FM meet as Islamabad seeks bailout

    IMF chief, Pakistan FM meet as Islamabad seeks bailout

    Equally, Angola is at the moment contracting by about 0.1 per cent this year, with a projection of almost four per cent in 2019. IMF's projection is coming barely a week after the World Bank cut growth in Sub-Saharan Africa from 3.1% in 2018 to 2.7%.
    Jurgen Klopp warns Reds 'second is nothing' in Premier League title fight

    Jurgen Klopp warns Reds 'second is nothing' in Premier League title fight

    To underline our progress and development, we have to", he continued. Both of these two have more players that can threaten. I play where the coach sets me up.
    Canadian Pipeline Explosion Disrupts NW Natural Gas Supplies

    Canadian Pipeline Explosion Disrupts NW Natural Gas Supplies

    Enbridge says the explosion happened after one of its natural gas pipelines suffered a rupture around 5:45 p.m. Gas prices across the Pacific Northwest are expected to spike after a massive pipeline explosion in Canada .