Tuesday, 20 November, 2018

US Treasury Secretary ‘Won’t Lose Any Sleep’ Over China Selling US Bonds

Trump warns there is 'a lot more' he can do to China China’s Exports, Imports Grow, as Does Trade Surplus With US
Scott Davis | 13 October, 2018, 01:48

For the first nine months, crude oil imports into China rose 6 percent on the year to 8.98 million bpd, or a total of 336 million tons, which is in line with projections about Chinese oil demand, despite worry that demand would slow down this year because of a domestic fuel glut.

The US recently imposed tariffs on $200 billion worth of Chinese exports, prompting Beijing to counter with its own tariffs on $60 billion worth of US products.

Mnuchin did not report any breakthroughs in his discussions with the Chinese but he indicated that Trump may meet with Chinese President Xi Jinping during a summit of leaders of the Group of 20 biggest global economies in Argentina in late November.

"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 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.

US laws mandating the report require the Treasury to enter special negotiations with an offending country to correct their practices, a process that could eventually lead to trade sanctions.

Hudson Institute's Michael Pillsbury on the US trade tensions with China.




The US tariffs cover a broad range of Chinese consumer goods, while China's were aimed mainly at American liquefied gas, machinery and electric equipment. But that might hurt China's economy by encouraging an outflow of capital.

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

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.

U.S. Vice President Mike Pence also accused Beijing last week of seeking to interfere in the U.S. midterm elections to be held next month. "Both sides need to find a way to talk and make some other arrangements".

"It looks like there will be a meeting in Buenos Aires at the G20", Kudlow said in an interview with CNBC. "I have a lot more to do if I want to do it".

The trade feud has been fueled by US accusations that China coerces foreign companies into handing over technology in return for access to the Chinese market, as well as by China's trade surplus with the U.S.

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