Published: Sat, October 13, 2018
Markets | By Jeffery Armstrong

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

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

China's daily crude oil imports in September hit their highest level since May, customs data showed on Friday, as independent refiners looked to shore up their inventory ahead of winter.

Chinese exports to the American market rose by 13 percent over a year to $46.7bn, down from August's 13.4 percent growth, customs data showed on Friday. This came despite the Trump administration slapping tariffs on $200 billion worth of Chinese goods in the middle of the month, which prompted Beijing to retaliate with tariffs on $60 billion worth of American goods.

The reported meeting would take place during the G-20 summit 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.

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. "With stable fuel demand, we have been scooping up crude oil, pushing up premiums of some crude grades", the source said, but some local refiners have begun to worry about where oil prices are headed, expecting slimmer profit margins as a result.

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Treasury Secretary Mnuchin is probably right to argue that China's September exports to the U.S. rose sharply in anticipation of tariffs. But that might hurt China's economy by encouraging an outflow of capital.

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

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.

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.

"He won't be happy with these figures but it proves that tariffs don't help curb exports", Huo said. That designation would be a first for China and would trigger a process that could lead to punitive steps after a series of talks.

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

But China has been standing firm, repeatedly saying that the only solution was through negotiation and compromise on both sides.

-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.

"They lived too well for too long and, frankly, I guess they think the Americans are stupid people", Trump said.

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