China Trade Surplus with US Grew Sharply in April

09 May, 2018, 00:58 | Author: Charlene Valdez
  • President Donald Trump    Mark Wilson  Getty Images

The news came during Monday's White House press briefing when a reporter asked Press Secretary Sarah Sanders whether President Donald Trump had any reaction to last week's trade talks in Beijing between a delegation of top USA trade officials and Chinese government officials.

China's April exports rose 12.9 per cent from a year earlier, beating analysts' forecasts for a 6.3 per cent increase and snapping back from a 2.7 per cent drop in March, which economists believe was heavily distorted by seasonal factors.

Chinese Vice Premier Liu He was involved in the Beijing-based trade talks with the US trade delegation. Exports amounted to USD200.4 billion. "The backdrop of the ongoing trade negotiations between China and the United States is one in which global growth has already peaked and China's export performance is waning as a result".

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"We are working on something that we think will be great for everybody", White House press secretary Sarah Sanders told reporters on Monday without giving further details on the negotiations.

China's trade surplus with the USA totaled $80.4 billion in January-April.

China's trade surplus with the USA swelled to $22.2 billion, up from $15.4 in March and the first increase since November, as exports to the US grew at a double digit pace. President Donald Trump's demands that China slash its surplus with the USA have become a cornerstone of his combative economic policy.

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Imports in April also showed robust growth of 22% from past year, up to USD171.7 billion.

The US delegation demanded that China curb the two nations' trade deficit by at least 200 billion dollars by the end of 2020 from 2018 levels, as well as lower tariffs and eliminate subsidies for high tech.

The massive imbalance in bilateral trade between the world's two biggest economies will likely reinforce US President Donald Trump's determination to continue taking a tough stance toward Beijing.

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The news came as China reported trade figures for April. The high-level meetings are "constructive moves in the right direction" to resolve the tensions, she said. China's communist leaders have countered by outlining $50 billion in USA goods that they would target with retaliatory duties on goods including aircraft and soybeans.

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