China’s Exports, Imports Grow, as Does Trade Surplus With US

Trump warns there is 'a lot more' he can do to China

China-U.S. relations have also been roiled by Beijing's heated objections to U.S. support for Taiwan, the self-governing island democracy it claims as its own territory, as well as China's claim to virtually the entire South China Sea, where the U.S. says a Chinese destroyer came aggressively close to a U.S. Navy ship late last month, forcing it to maneuver to prevent a collision.

The direct impact and indirect impact of the ongoing trade frictions is "generally controllable", Customs department spokesman Li Kuiwen said Friday.

After imposing tariffs on $50 billion worth of Chinese goods over the summer, the Trump administration last month added a 10 percent tariffs to another $200 billion worth of Chinese products, encompassing everything from household items like furniture and toys to industrial equipment.

"We've been very clear with China that we need to have structural changes, that we need a reciprocal trading relationship and we should be able to increase our exports by hundreds of billions of dollars", he said.

With global growth cooling and US threats of more tariff hikes, "the recent resilience of exports is unlikely to be sustained", said Evans-Pritchard. Apple, for instance, has an established supply chain in the world's second-largest economy, with the Greater China region accounting for about a fifth of its sale.

The Chinese yuan has lost almost 10 per cent of its value against the dollar this year.

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The president and Vice President Mike Pence in recent weeks have also accused Beijing of trying to meddle in November's midterm elections to hurt Trump because he is putting pressure on China over trade.

Trump and Xi have agreed to meet next month at the G-20 summit in Buenos Aires to discuss the escalating U.S. That designation would be a first for China and would trigger a process that could lead to punitive steps after a series of talks. "You're not ready yet, '" he said Thursday. Trump also on Wednesday renewed criticism of the Federal Reserve for raising interest rates, calling it a "mistake" and later reiterated his view in a Fox Business interview that the Fed "is going loco".

But China has been standing firm, repeatedly saying that the only solution was through negotiation and compromise on both sides.

Indeed, analysts expect the trade imbalance to continue to widen over the next few months before the next round of American tariffs kick in, in no small part because the divergence in consumer demand in the two countries.

Wray said that China was trying "to get secret information about our trade, our ideas, and innovations" using "an expanding set of unconventional methods each time to achieve their goals" and warned that economic espionage from China would affect companies in all sectors of the United States economy. "I've reflected that to them", Mnuchin said in a TV interview on CNBC.

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