China's trade surplus with the USA hit record highs in September

US Secretary of the Treasury Steven Mnuchin said there were several factors behind the recent fall in the Chinese yuan or renminbi, including economic issues in China

However, the Washington Post reports that the United States' trade deficit with China has only widened since the implementation of tariffs and hit a record-high $34.1 billion, according to Chinese statistics released this week.

Year-on-year, its overall exports grew faster than expected in September, at 14.5 per cent in dollar terms compared with 9.8 per cent in August, while growth of imports slowed to 14.3 per cent from 20 per cent, the customs administration said.

Export numbers have been buoyed by producers rushing to fill orders before American tariffs rose, but they also benefit from "robust USA demand" and a weaker Chinese currency, which makes their goods cheaper overseas, Louis Kuijs of Oxford Economics said in a report.

The September surplus with the US was larger than China's overall trade surplus of $31.69 billion for the month.

Trump told Fox News on Thursday that previous United States administrations had allowed China to pursue unfair trade for too long and that it was time for him to stop it.

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. "We are going to make sure that whatever we make up on trade we don't lose on currencies", he said.

But it was still too early to see the impact of the tariffs, said Julian Evans-Pritchard, China economist at Capital Economics, a consultancy.

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They are also promoting settlements in rubles and yuan, bypassing the United States dollar and other Western currencies.

Plus, the 10 percent tariffs were nearly entirely offset by the fall in the Chinese currency, which has depreciated by more than 8 percent since June.

The president and Vice President Mike Pence in recent weeks have also accused Beijing of trying to meddle in November's midterm elections to hurt Trump because he is putting pressure on China over trade. "Both sides need to find a way to talk and make some other arrangements".

Trump said Thursday that his tariff strategy was working.

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

However, an oil trader told Reuters that refinery run rates have been on the rise last month, suggesting demand for fuels was improving.

"I don't want to do it, but they have to come to the table".

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