China’s trade gap with U.S. nears record level
December 12, 2017 Category China News Round-up, Weekly
China’s trade surplus with the U.S. widened to the second highest total on record, according to Chinese customs data. The trade gap has been a frequent cause of complaint for U.S. President Donald Trump, who visited China last month. The surplus recorded in the first 11 months of this year has already surpassed the total for the whole of 2016. November’s trade gap rose to USD27.9 billion, up from USD26.6 billion the previous month, and was just shy of the record USD28.1 billion recorded in September.
China’s data was released at time when Washington is stepping up its pressure on Beijing to narrow the trade gap. The U.S. told the World Trade Organization (WTO) it opposed giving China market economy status. The U.S. administration has also launched an anti-dumping investigation into Chinese aluminum – independently from an industry complaint – the first time it has taken such an action against a trading partner since 1991. But during Trump’s visit to Beijing last month, he and Xi witnessed a signing ceremony for deals with a combined price tag of USD253 billion.
China’s trade surplus with U.S. in the first 11 months of this year reached USD251.3 billion, compared with USD250.7 billion in the whole of 2016, according to Chinese data. The U.S. side’s estimate of the trade gap with China is higher than Beijing’s, although it has yet to release its figures for the past month. The U.S. calculated its trade deficit with China was USD347 billion for 2016, and could rise to USD370 billion this year.
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