Beijing — China's 2018 trade surplus with the U.S. surged to a record $323.3 billion but exports contracted in December as the delayed impact of President Donald Trump's tariff hikes started to hurt demand. Exports to the U.S. in 2018 rose 11.3 percent to $478.4 billion despite Trump's punitive duties in a fight over Chinese technology ambitions, customs data showed Monday. Imports of American goods rose just 0.7 percent over 2017, reflecting Beijing's retaliatory tariffs and encouragement to importers to buy more from non-U.S. suppliers.In December, Chinese exports to the United States that had held up through much of the year fell 3.5 percent from a year earlier to $40.3 billion. Sales to the U.S. market had kept growing by double digits in previous months as Chinese exporters rushed to fill orders, but forecasters said American orders would slump once the full impact of Trump's penalties hit.The slowdown adds to pressure on Beijing to resolve the battle with Trump at a time … [Read more...] about China’s trade gap with U.S. hits record $323 billion
China trade gap
President Donald Trump and his economic advisers focus on trade deficits when it comes to China, and Mr. Trump has said a trade war would be "easy to win." But trade relationships -- and their impacts -- are far more complex. Chinese data released overnight show the trade gap between the world's two largest economies was at a record high in 2018, and it may signal a broader global economic slowdown, according to economists. An alarming point in the latest Chinese trade data was a slowdown in the country's exports in December, shrinking by 4.5 percent to $221.2 billion, while imports declined 7.2 percent to $164.2 billion. That led global stock markets to slide in Monday trading as fears mounted that global growth is slowing. In the U.S., the S&P 500 lost 0.5 percent, and the Dow industrials fell 0.4 percent.Here's a rundown on what the latest numbers show.Record trade gapChina's 2018 trade surplus with the U.S. surged to a record $323.3 billion. That means the U.S. purchased that … [Read more...] about Record U.S.-China trade gap may signal slower global growth
U.S. President Donald Trump and China are now in a full-fledged, tit-for-tat trade war that is quickly eroding into a deep battle with long-term implications. "The downward spiral that we have previously warned about now seems certain to materialize," said William Zarit, chairman of the American Chamber of Commerce in China. For Trump, it’s an escalation of a campaign promise made to rebalance the global trade scale with the aim of protecting American workers. He’s also bothered by America’s trading gap with China, estimated at $336 billion in 2017. But now that he’s engaged China in a trade war, there’s one big question looming: Can the U.S. and Donald Trump win? China, it's well documented, has declared its intentions to push beyond the United States in technology enterprise, developing plans including a “Made in China 2025” blueprint that calls for “creating powerful Chinese entities to compete in robotics and other fields." … [Read more...] about U.S. vs. China Trade War: Can U.S., Donald Trump Win the Trade War with China?
U.S. trade deficit hits 10-year-high of US $55.5 bil. in October published: 07 Dec 2018 views: 90 \'무역전쟁\' 美, 對中 적자 급증세…1~10월 4천억弗 돌파 The U.S. trade deficit hit a ten-year-high in October. The U.S. Commerce Department revealed on Thursday that imports outpaced exports by more than 55 billion dollars. Lee Seung-jae reports. With U.S. soybean exports dropping further and imports of consumer goods rising to a record high,... the U.S. trade deficit soared to a high not seen in a decade in October. The trade deficit was up one-point-seven percent on-year,... standing at 55-point-five billion U.S. dollars. That\'s the highest since October 2008. The majority of the deficit came from China and the European Union. The U.S. trade deficit with China spiked seven-point-one percent to a record 43-point-one billion dollars. The trade gap with the EU widened a … [Read more...] about China’s Trade Gap With U.S. Hits Record $323 Billion In December
The U.S. trade deficit tumbled 11.5 percent in November to less than $50 billion -- the lowest level since June -- while the politically sensitive trade gap with China for goods such as cars and cellphones fell 7.3 percent, to $35.4 billion. The Commerce Department said Wednesday the gap between what the United States sells and what it buys from other countries dropped to $49.3 billion in November from a revised $55.7 billion in October. American exports fell 0.6 percent to $209.9 billion, but imports fell faster, dropping 2.9 percent to $259.2 billion.President Donald Trump campaigned on a pledge to slash America's trade deficit with the rest of the world and has imposed import taxes on foreign steel, aluminum and Chinese products. He even boasted during his State of the Union address Tuesday night of billions coming into the U.S. Treasury from tariffs his administration has imposed, even though the taxes are paid by companies that bring in the goods into the U.S. and ultimately the … [Read more...] about U.S. trade gap falls in November on China’s economic chills