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.

Melania Trump: Husband's alleged affairs not her focus
The ABC correspondent later asked the First Lady if she still loves her husband. It's not always correct stuff", she added in the clip released Friday.

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

  • 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.
    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.
    Crowds gather for second big royal wedding of the year

    Crowds gather for second big royal wedding of the year

    Eugenie is following tradition by not revealing who designed her wedding gown, but she has said it will be a British designer. The presence of so many royals - and a number of celebrity guests - has prompted extra security measures to be put in place.
  • Astronauts survive fall to Earth

    Astronauts survive fall to Earth

    The intention was to have them work as a team of five until December, when the three scientists now aboard would return to Earth. But soon after the landing, US and Russian officials said that rescue forces were in contact with the astronaut and cosmonaut.
    Kanye West has a bad  iPhone passcode

    Kanye West has a bad iPhone passcode

    Now White House press secretary Sarah Sanders has confirmed the get-together, and shared details about the meeting agenda. The pre-lunch meeting was also attended by former US football player Jim Brown and Trump's son-in-law Jared Kushner .
    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 .
  • Several top ministers anxious  United Kingdom  could stay in EU customs union indefinitely

    Several top ministers anxious United Kingdom could stay in EU customs union indefinitely

    Mr Gapes said it is certain that no Brexit proposals Mrs May will bring back from Brussels can match Labour's six Brexit tests. He added: "Agreement is within reach if we have the negotiations on October 17 at the next council meeting".
    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 .
    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.
  • 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.
    Cyclone Titli weakens, leaves 9 dead in Andhra Pradesh and Odisha

    Cyclone Titli weakens, leaves 9 dead in Andhra Pradesh and Odisha

    There were reports from Odisha's districts of Ganjam and Gajapati of trees being uprooted along with electricity and communication poles, news agency dpa said.
    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.