China trade surplus with U.S. widens to record $34.1 billion

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As for the source of these imports, there have been a couple of interesting developments lately: earlier this month it emerged China had cut USA oil imports to zero in August amid the deepening trade row, but at the same time it has turned its attention further north, to Canadian crude.

Notably, the September surplus with the USA was bigger than China's overall trade surplus of $31.69 billion for the month.

-China trade dispute. Pillsbury said this meeting presents a chance to squash the tit-for-tat tariff fight that the world's two biggest economies have been engaged in since July.

"With global growth likely to cool further in the coming quarters and USA tariffs set to become more punishing, the recent resilience of exports is unlikely to be sustained", he said.

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"China-US trade friction has caused trouble and pounded our foreign trade development", customs spokesman Li Kuiwen told reporters Friday.

In an interview on Fox News on Thursday, President Trump praised his tariffs on Chinese imports.

China retaliated last month by putting tariffs ranging from 5 to 10 percent on $60 billion worth of American goods, coming into effect the same day as the American measures.

China imported 9.05 million bpd of crude oil in September, for a total of 37.12 million tons, which was the highest rate of crude oil intake since May, Reuters reports, citing data from the Chinese customs administration. President Trump has warned there's a lot more he could do to hurt China's economy.

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

"I don't want to do it, but they have to come to the table".

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

And Huo Jianguo, a trade expert at the Center for China and Globalization in Beijing, tells the Post that Trump might want to rethink his trade strategy when he sees that the trade deficit with China has only widened under his watch.

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

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