US Limits Nuclear Tech To China Citing Proliferation, Military Diversion

Screen Shot 2018 10 10

"The front-loading impact is quite obvious to me", said Betty Wang, senior China economist at ANZ in Hong Kong.

The world's two biggest economies last slapped tit-for-tat tariffs on each other's goods on September 24.

- China said Friday it is in contact with the United States amid reports of a planned meeting between President Xi Jinping and President Donald Trump next month following a dive in the USA stock market blamed partly on a growing trade war between the world's two largest economies.

Trump renewed his charge that past presidents Obama and George W. Bush "let China get out of control" through the massive USA imports of manufactured goods.

Export restrictions on technologically advanced products also could lead to disruptions for some United States tech companies with extensive involvement in China.

September exports rose 14.5 percent from a year earlier, Chinese customs data showed.

Imports rose 14.3 percent in September, versus a 19.9 percent gain in August, slightly missing analysts' forecast of a 15.0 percent growth.

Communist officials have ordered companies to stop buying American soybeans - the biggest US export to China - and find alternative suppliers and export markets for other goods.

Reports that U.S. Treasury Secretary Steven Mnuchin has advised against labeling China as a currency manipulator - a status that could trigger penalties - were also seen as easing tensions. The review was prompted by China's accelerated efforts to acquire US intellectual property to the detriment of USA businesses and military interests, they said.

"The president has been clear", Mnuchin said in an interview with CNBC.

-China trade dispute. Pillsbury said this meeting presents a chance to squash the tit-for-tat tariff fight that the world's two biggest economies have been engaged in since July. China's central bank cut its daily reference rate for a ninth day to 6.9120.

Over the first nine months of the year, China's surplus with its largest export market totaled $225.79 billion, compared with about $196.01 billion in the same period last year. The Trump administration has also accused China of trying to undermine the president ahead of next month's congressional elections, something Beijing has denied. The amount was 10,000 bpd higher than the August import rate and was also the third monthly increase in a row as teapot refiners prepare for winter.

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.

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

"Although Chinese manufacturing output continued to rise in September, the latest expansion was only marginal and the weakest recorded for almost a year", the survey said.

"He won't be happy with these figures but it proves that tariffs don't help curb exports", he said.

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