China trade surplus with USA reaches record $34.1 billion

Trump, Xi to meet amid trade war tensions

The administration placed tariffs of 10 percent on the $200 billion of Chinese products, with the tariffs to go up to 25 percent by the end of 2018.

"Exports continued to defy USA tariffs last month but imports struggled in the face of cooling domestic demand", said Julian Evans-Pritchard of Capital Economics in a report.

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.

Economists warn that a protracted dispute will eventually stunt growth not just in the US and China but across the broader global economy.

"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", he said.

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

"If that's the case then I think further downside risk can be expected in the fourth quarter", Wang said.

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

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"They want to negotiate, they want to negotiate badly, but I told them, 'You're not ready yet". Analysts had expected imports to rise 15.0 percent, compared with August's 19.9 percent.

China's overall trade - what it buys and sells with all countries including the United States - logged a $31.7 billion surplus, as exports rose faster than imports.

Imports grew 14.3 percent, slightly missing forecasts, customs data showed Friday.

China's overall trade - what it buys and sells with all countries including the U.S. - logged a $31.7bn surplus, as exports rose faster than imports.

China's economy is feeling some heat from tariff dispute and signs of slowing that prompted the central bank on Sunday to loosen policy by cutting banks' reserve requirement ratio (RRR) for a fourth time this year.

To shore up growth, Beijing has pledged to increase export tax rebates from November 1 for the second time this year and promised to cut corporate burden on a larger scale to help struggling Chinese firms.

What started out as a trade war between the USA and China is showing alarming signs of escalating into a geopolitical war. It also slashed China's growth forecast for next year to 6.2 percent from 6.4 percent.

Imports of American goods increased 9 percent to $12.6bn, down from 11.1 percent.

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