USA curbs China nuclear exports as Trump warns Americans not 'stupid'

13 October, 2018, 01:47 | Author: Shannon Aguilar
  • Trump warns there is 'a lot more' he can do to China

The United States and China are now locked in an escalating trade war with the Trump administration imposing penalty tariffs on billions of dollars in Chinese goods and China retaliating by targeting US products including soybeans for penalty tariffs.

Overall export growth accelerated to 14.5% on the year from less than 10% in August, with even export growth to the USA picking.

In an interview on "Fox & Friends", Trump said his slapping billions of dollars of tariffs on Chinese goods has forced them to try to make a deal.

Despite the rhetoric, Trump and Chinese President Xi Jinping plan to meet at the G20 summit in Argentina in late November, the Wall Street Journal reported on Thursday, citing officials in both countries.

"It's obvious that the immediate effects of the trade war are the exact opposite of what the Trump administration had been planning", Andrew Polk of Beijing-based research firm Trivium China tells the Post.

The world's largest trading nation got off to a strong start this year, but its economic outlook is being clouded by the escalating USA trade dispute and cooling domestic demand. "So we'll see", Kudlow said.

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

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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 USA tariffs.

Chinese refiners are buying more and more very cheap heavy Canadian crude oil to make up for the dwindling supply of Venezuela's heavy grades as China's road construction sector-a key consumer of the heavy oil's bitumen yield-is booming.

Trump should take notice of the statistics, said Huo Jianguo, a trade expert at the Center for China and Globalization in Beijing.

"He won't be happy with these figures but it proves that tariffs don't help curb exports", he said. That designation would be a first for China and would trigger a process that could lead to punitive steps after a series of talks.

Last month, trade turnover between the two countries was more than $9 billion.

China's large trade surplus with the United States has always been a sore point with Washington and is at the center of an increasing bitter dispute between the world's two biggest economies.

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

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