China in communication with US as trade surplus hits record $34.1B

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

China's economy is feeling the heat from a tit-for-tat tariff dispute and showing signs of slowing that prompted the central bank on Sunday to loosen policy by cutting banks' reserve requirement ratio (RRR) for a fourth time this year.

The Chinese currency has been falling in value against the dollar in recent months, raising concerns that China is devaluing its currency as a way to make Chinese goods more competitive against US products.

Mr Trump lashed out as as senior White House figures accused China of trying to destabilise U.S. democracy and presenting the most serious threat to its security.

Chinese exporters of lower-value goods such as handbags and surgical gloves say US orders have fallen off.

The increase, the result of both increasing exports from China to the USA - up 14.5 percent from the same month previous year - and a decline in the goods that China is buying from the U.S.

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.

Beijing's exports to the United States have at least temporarily defied forecasts they would weaken after being hit by punitive USA tariffs of up to 25 per cent.

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Despite concerns from some officials about the yuan's depreciation, U.S. Treasury staff have not recommended labeling China as a currency manipulator in a coming report on foreign exchange rate practices, according to media reports on Thursday.

Relations between the world's two largest economies have soured sharply, however, with Trump earlier Thursday vowing to inflict economic pain on China if it does not blink in a trade war. The US also accuses China of reckless military actions in the South China Sea.

"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.

The officials said the indictment in 2016 of a Chinese-American nuclear engineer, Allen Ho, was one of the factors that led to the review. It also slashed China's growth forecast for next year to 6.2 percent from 6.4 percent.

Yet the prospects remain highly uncertain as to whether the preparing to consider lifting penalty tariffs on about $250 billion of Chinese products, triggering retaliation by China.

"Other economies in Asia, many of which supply to China through global value chains and/or are heavily involved in the automotive trade, would also see their economies slowing substantially, and the peak GDP loss for Asia as a whole would be 0.9 per cent", according to the International Monetary Fund. Otherwise, China's export performance as of September is steady, and a bit disappointing in the case of non-Japan Asia.

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