Trump, Xi to meet amid trade war tensions

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

The US Energy Department said it would make it more hard to ship nuclear technology to China, one of the few growing markets for new plants as the Asian economy tries to meet rising electricity demand through low-carbon sources.

China's trade surplus with the U.S. in September was more than China's total trade surplus of US$31.7 billion.

US President Donald Trump has said that his tariff policies have hurt the Chinese economy and that he has "a lot more to do" to the country.

That surplus widened to a record $34.1 billion in September as exports to the American market rose 13 percent from a year earlier to $46.7 billion, down slightly from August's 13.4 percent growth.

China will remain on a monitoring list for currency manipulation because of its significant trade surplus with the US, the people said. -China trade frictions "have been escalating and other instable factors still exist caused by a number of economic uncertainties worldwide", spokesman Li Kuiwen said.

Chinese exports to the United States also rose by 14 percent while Chinese imports from America dropped 1.2 percent.

Chinese exports to the United States have at least temporarily defied forecasts they would weaken after being hit by punitive tariffs of up to 25 percent in a fight over American complaints about Beijing's technology policy.

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Exports to the 28-nation European Union, China's biggest trading partner, rose 11.6 percent to $37.4 billion.

Worries about the increased tariffs the two sides have imposed on each other's goods have contributed to this week's dizzying volatility in financial markets. Apple, for instance, has an established supply chain in the world's second-largest economy, with the Greater China region accounting for about a fifth of its sale.

The yuan has lost almost 10 percent of its value against the U.S. 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. Vice President Mike Pence delivered a speech last week in Washington signaling a firmer US push-back against Beijing as trade anxiety weighs on the looming midterm congressional elections.

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

But there are reports Mr Trump could hold talks with Chinese president Xi Jinping at the upcoming G20 summit on November 30. "You're not ready yet, '" he said Thursday.

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

"Bullying might be effective for small economic entities, but it will not be effective against a big economic power", Yu wrote in a column published Friday in the state-run China Daily.