Monday, 17 December, 2018

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

A cargo ship is seen at a port in Qingdao in China's eastern Shandong province on Friday A cargo ship is seen at a port in Qingdao in China's eastern Shandong province on Friday
Priscilla Morrison | 12 October, 2018, 13:25

The direct impact and indirect influence caused by ongoing trade frictions is "controllable", the General Administration of Customs said Friday, according to a report in the state-run China Daily.

The United States is tightening controls on China's imports of civil nuclear technology to prevent use for military or other unauthorized purposes, the U.S. Department of Energy said on Thursday amid increased trade tensions.

China then hit back with tariffs on about US$60 billion of USA imports.

The monthly trade imbalance, up 10 per cent from the previous record high of US$31.05 billion in August, showed that US President Donald Trump's tariffs on Chinese products had yet to show their desired effect of narrowing the trade deficit with China.

Ho, a naturalized U.S. citizen, pleaded guilty past year to conspiring to produce "special nuclear material" in China in violation of the U.S. Atomic Energy Act.

"For decades China has maintained a concerted, central government-run strategy to acquire nuclear technology to gain economic advantage", a USA official said on condition of anonymity.

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

"We understand the USA industry may suffer in the short term", the administration official said, adding that "we believe that in the long term this policy will benefit" the United States and protect the American nuclear industry.

"However, China's concerted effort to emulate and displace USA nuclear products could cause the permanent loss of global markets and domestic jobs in the long run", he said.

More news: Man planned to detonate 200-pound bomb on Election Day

"They lived too well for too long and, frankly, I guess they think the Americans are stupid people".

As the trade war between the U.S. and China escalates, the U.S. President has warned there's a lot more he could do to hurt China's economy. Americans are not stupid people.

The mogul-turned-president boasted that his tariffs had already "had a big impact".

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

Mr Trump is pressing China to improve trading conditions for U.S. products and to end what USA businesses say is widespread theft of their intellectual property.

The Trump administration has so far imposed tariffs on 250 million dollars-worth of Chinese goods, with Beijing retaliating in kind.

But global trade would continue to face challenges as the U.S. The IMF also lowered estimates for the United States and the global economy as a whole.

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

The Trump administration will limit sales of United States civil nuclear technology to China out of concerns that it is being diverted for military and other unauthorized purposes. "I said it's over".

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