China's trade surplus with U.S. hits new record

Credit: Reuters Studio
Published on October 13, 2018 - Duration: 01:25s

China's trade surplus with U.S. hits new record

China's vast export engine unexpectedly kicked into higher gear in September, producing a record trade surplus with the U.S. that could exacerbate the already-heated dispute between Beijing and Washington.

Michelle Hennessy reports.

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China's trade surplus with U.S. hits new record

China's trade surplus with the U.S. is widening.

The latest trade stats showing a record breaking month for Beijing and could indicate U.S. tariffs aren't biting much - yet.

China's politically-sensitive surplus with Washington was just over 34 billion dollars for September, overtaking a record 31 billion the month before.

The figures released by China's Customs Agency Friday (October 12), will be the last before the U.S. midterm elections on November 6th and could exacerbate the already heated dispute between China and the U.S..

The world's two biggest economies slapped tit-for-tat tariffs on each other's goods in September.

There's no set date for the next round of punishing duties but U.S. President Trump has made repeated threats to impose them on virtually all Chinese goods (Soundbite) (ENGLISH) U.S. PRESIDENT DONALD TRUMP, SAYING: REPORTER: "You promised more tariffs on China in retaliation." U.S. PRESIDENT TRUMP: "Oh sure, absolutely." REPORTER: "Are you going to go forward with that?" U.S. PRESIDENT TRUMP: "A hundred percent." China's exports have been surprisingly resilient to the tariffs, but analysts told Reuters those robust numbers are unlikely to last pointing to the fact companies might have ramped up shipments before broader U.S. tariffs went into effect.

China's economy has also been showing signs of slowing.

Growth in its factory sector stalled in September for the first time in 15 months, and the International Monetary Fund slashed the country's growth forecast for 2019 - from 6.4 to 6.2 percent.

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