Economy

China's Surplus With US Hits New Record In November

China's Surplus With US Hits New Record In November

US President Donald Trump said Friday negotiations to defuse the high stakes trade conflict with China are "going very well".

Import growth was 3 per cent, the slowest since October 2016, and a fraction of the 14.5 per cent seen in the poll.

USA companies paid $6.2 billion in tariffs in October, including $2.8 billion in new tariffs on imports that have been imposed by the Trump administration, the group said on Friday.

U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S. President Donald Trump's national security adviser John Bolton and Chinese President Xi Jinping at a working dinner after the G20 leaders summit in Buenos Aires on December 1, 2018.

"Moderating global momentum, the stronger dollar and protectionist trade policies will keep weighing on exports in the near-term, while sturdy domestic demand and limited spare capacity keep import growth healthy - further widening the deficit", Jake McRobie and Gregory Daco, economists at Oxford Economics, said in a report.

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

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China has indicated that it is confident it can strike a lasting trade deal with the United States. Imports of iron ore fell for a second time, reflecting waning restocking demand at steel-mills as profit margins narrow.

President Donald Trump, right, has dinner with China's President Xi Jinping, left and members of their delegation at the end of the G20 Leaders' Summit in Buenos Aires, Argentina, Dec. 01, 2018. They say that suggests China will need to find issues on which it can show progress to persuade Trump to extend his deadline. A 10 percent tariff on $200 billion in Chinese goods took effect in September.

While at the conclusion of Saturday's working dinner, both the US and Chinese delegations said that what amounted to a trade war "truce" between the leaders had been reached, the messaging from the White House that followed seemed to only muddy the waters.

China's November trade surplus with the United States was a record US$35.55 billion. The most recent event - which ran from mid-October to early November - saw transactions falling by 1 per cent, or US$300 million, compared with last autumn.

As U.S. businesses import more products from overseas, they are subject to higher taxes on those imports, thanks to the new tariffs imposed by the Trump administration. The October surplus was US$31.78 billion.