Trump says he has 'a lot more to do' on China trade

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China's September exports rose a solid 14.5 percent from a year earlier, well above expectations despite wider application of US tariffs and signs of shrinking export orders for Chinese companies.

Exports jumped 14.5 percent for September on-year, beating forecasts from analysts polled by Bloomberg News, while imports rose 14.3 percent on-year. "We were led badly when it came to trade".

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.

If the U.S. -China relationship could be rebalanced, Mnuchin told Reuters their total annual trade relationship could grow to $1 trillion from $650 billion now, with $500 billion of exports from each country.

The United States said Thursday, October 11, that it will increasingly restrict civilian nuclear exports to China as President Donald Trump vowed a hard line on trade, bluntly warning not to think Americans are "stupid".

"The big picture is the Chinese exports have so far held up well in the face of escalating trade tensions and cooling global growth, most likely thanks to the competitiveness boost provided by a weaker renminbi (yuan)", said Julian Evans-Pritchard, China economist at Capital Economics.

Concerns have been raised that China, the largest foreign holder of U.S. Treasury bonds, might start dumping its holdings as a way to bring more pressure on the United States in the trade dispute. "We expect the dynamic to change once we get a bit deeper into this, but for now China is trying to outrun the next round of tariffs".

On Thursday, the USA said it would restrict exports of nuclear technology to China given worries it was being diverted to support the military.

"Their economy has gone down very substantially", he said.

Chinese exports to the U.S. have at least temporarily defied forecasts they would weaken after being hit by punitive tariffs of up to 25 percent in a fight over American complaints about Beijing's technology policy. "Americans are not stupid people", Trump said in an interview on "Fox and Friends".

"The way the US has structured the tariffs encourages frontloading because firms that know they're going to hit with tariffs would rather pay 10 percent than 25 percent", he said.

These include a high bilateral trade surplus with the United States, a global current account surplus above three percent of gross domestic product and "persistent" one-way currency market intervention to weaken or prevent a rise in a country's currency.

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