China's Surplus With US Hits New Record In November

Daniel Fowler
December 8, 2018

Trump tweeted this week that China would begin buying products from USA farmers "immediately". From August to October, the number increased by 30 percent.

In recent months, Chinese exports had expanded robustly, which economists said reflected front-loading of cargoes before a now-postponed plan to hike USA tariffs of US$200 billion of Chinese goods to 25 per cent from 10 per cent on Jan 1.

This year, China's overall export growth has been stronger than expected in nearly every month.

The president's optimism comes just after a day since he publicly declared himself a "Tariff Man", and stood by his protectionist trade policies even after stocks fell almost 800 points amid confusion over the result of Trump's meeting with Chinese President Xi Jinping.

China's government said Thursday it will promptly carry out a tariff cease-fire with Washington and is confident they can reach a trade agreement, suggesting Beijing wants to avoid disruptions due to the arrest of a tech executive.

The new export order component in China's official purchasing managers' index had been contracting since June and barely picked up in November.

US President Donald Trump on Friday sounded an optimistic note about trade negotiations with China as his top economic advisers downplayed friction from the arrest of Meng Wanzhou.

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"China talks are going very well", Trump said on Twitter, without providing any details.

In a note, analysts at Haitong Securities in Shanghai said "Growth in shipments of Chinese goods on US$200 billion tariff list has started to pull back, indicating that frontloading effects may be starting to recede".

In a series of tweets on Wednesday, President Donald Trump said that there were "very strong signals" that China was ready to reach a trade deal with the United States.

China's trade surplus with the United States was $35.55 billion in November, a record high and compared with $31.78 billion in the preceding month.

China's trade surplus with the United States ballooned to a record Dollars 35.6 billion in November, official data showed Saturday, as exports across the Pacific remained strong despite a raft of U.S. tariffs while imports shrank.

The U.S. global trade deficit in goods and services increased to $55.5 billion in October from $54.6 billion in September, according to Census Bureau data. Despite those new tariffs, the trade gap with China also widened in October, increasing by $700 million to $38.2 billion.

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