• News
  • World Media

China's US trade surplus hit record in 2018 but tariffs bite

China's US trade surplus hit record in 2018 but tariffs bite

China's success in selling its products overseas has particularly irked US President Donald Trump, who has initiated a trade war with China to try to hold back exports.

However, it is also important that China is an important indicator of the global economy since trade often responds very quickly to global economic trends.

"The bad trade data will quite likely increase the pressure on China to achieve a deal, or at least a suspension of the USA tariff hikes", said Louis Kuijs, chief Asia economist at Oxford Economics in Hong Kong.

"An overwhelming majority of economists point to the high consumption levels and low savings rates in the U.S.as a major determinant of large USA trade deficits in general, and China in particular", Michelle Casario, an associate professor at Villanova University, said in an email to CBS MoneyWatch.

President Donald Trump said Monday he expects to be able to reach a trade deal with China, which is feeling the impact of U.S. tariffs.

Customs data showed that Chinese exports rose 11.3 percent in 2018 to $478.4 billion, while imports from the USA only rose by 0.7 percent.

The Trump administration also wants Beijing to buy more American goods to narrow a yawning trade gap - a sticking point for United States president - and allow foreign players better access to the Chinese market. China has retaliated with tariffs of its own. Exports to America increased the official Chinese Figures show that in 2018, up by 11.3 percent.

"Private enterprises contributed more than half to China's foreign trade growth in 2018, a bright spot of China's foreign trade development", said the spokesman.




The fall of exports in December which is the biggest since December 2016, when China grew at its slowest pace since 1990 was the first indication that the trade war with United States is biting Beijing.

Exports rose 7.1 per cent, customs data showed Monday, down from the 7.9 per cent reported earlier for 2017.

China's total global exports rose 9.9 percent in 2018, its strongest performance in seven years, while imports increased 15.8 percent.

"Export growth dropped more than anticipated as global growth softened and the drag from US tariffs intensified".

China's USA trade surplus hit a record high of $323bn in 2018, the highest in more than a decade, according to figures released by the country's General Administration of Customs on January 14.

China's General Administration of Customs said on Monday that the biggest worry in trade this year is external uncertainty and protectionism, forecasting the country's trade growth may slow in 2019.

"The global electronics cycle remains the key driver of Chinese exports".

"The import slowdown is consistent with other signs that growth in China's domestic economy continued to weaken", said Louis Kuijs, head of Asia economics at Oxford Economics.

Leave Your Comment

Leave Your Comment


Latest News

Breaking News



Recommended

Jordan Henderson: Mo Salah will be motivated by criticism

He made the sprints but I didn't like the way he did the sprints because when he slowed down, it looked a bit like limping.

Few Democrat Senators Are Against The BDS Movement

They reiterated their call for Trump and Senate Republicans to reopen the government while Congress debates the "expensive and ineffective wall".

Woman dies after getting trapped inside clothes donation box in Toronto

Vancouver Fire Rescue's Jonathan Gormick explains how the bin's design can be inescapable. Another friend said that she was "beyond sad" to learn of Papineau's death.

National Basketball Association to Investigate Signing, Quick Release of Patrick McCaw by Cavaliers

How long the league's review will take has not been determined, nor is it clear what the Warriors might be seeking. The Cavaliers offered McCaw a two-year, $6 million contract, which he signed right before the end of 2018.

Thai authorities will not deport Saudi teen seeking asylum in Australia

Saudi Arabia's parlous rights record has been under heavy scrutiny since the murder of journalist Jamal Khashoggi previous year . Some Saudi female runaways fleeing abuse by their families have been caught trying to seek asylum overseas in recent years.

Networks Fact-Check Trump Speech After Criticism Of Decision To Air

More than 38 million Americans who rely on food stamps could see them reduced should the shutdown continue into next month. Democrats controlling the House have agreed to fund only United States dollars 1.3 billion for border security.

Trump Threatens to Halt Disaster Aid to California Fire Victims

Critics on social media questioned whether Trump could legally withhold FEMA money that has already been appropriated. Additionally, a little more than half of forestland in California is owned and managed by the federal government.

With Trump in waiting, Kim courts China's support

Secretary of State Mike Pompeo said, "The Chinese have been very clear to us that these are separate issues". But a year ago , he visited China three times. "His arrival in Beijing , which coincided with Mr.

Google boasts 1 billion Assistant devices-10x Amazon Alexa’s install base

Competitor Amazon runs a similar course with his assistant Alexa , and already offers a built-in module for home appliances. This feature will be very useful in many settings as it should work with any Assistant-enabled speaker or display.

Asian, European Stocks Rebound Ahead of US-China Trade Talks

Department of Energy's assistant secretary for fossil energy, Steven Winberg; and other senior officials. They criticize his tactics but echo USA complaints about Chinese industrial policy and market barriers.