China’s trade surplus with United States hits record even as growth slows

Shipments of Chinese goods on an earlier USA tariff list targeting $50 billion of products have already weakened sharply, but that has been offset by a rush of shipments on a later list affecting the $200 billion, according to analysts from Capital Economics.

While at the conclusion of Saturday's working dinner, both the USA 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.

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.

He also said that Xi had promised him that the Chinese government would crack down harder on fentanyl shipments from China to the US, and tweeted a quote from a Bloomberg story which said that China was ready to restart imports of USA products, including soybeans and natural gas.

-Chinese relations for years.

However, the pace of export growth to the United States slowed from 13 per cent in October, which suggested that the impact of front-loading was fading as many American buyers had stockpiled goods well in advance.

The commerce ministry's remarks came days after Donald Trump and his Chinese counterpart, Xi Jinping, agreed to give negotiators 90 days to resolve their trade spat.

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The two agreed a 90-day window starting from December 1 to try to resolve their differences, but if they can not do so then the threatened tariff increase will kick in on March 1.

China's soybean imports fell 38 per cent on-year, to 5.4 million tonnes for the month, the data showed.

The new export order component in China's official purchasing managers' index had been contracting since June and barely picked up in November. From August to October, the number increased by 30 percent. Imports of iron ore fell for a second time, reflecting waning restocking demand at steel-mills as profit margins narrow.

"China talks are going very well!"

China's November trade surplus with the United States was a record US$35.55 billion.

For trade with all countries, China's surplus was US$44.74 billion for November, compared with forecasts of US$34 billion and October's surplus of US$34.02 billion.

China's government said Thursday it will promptly carry out a tariff cease-fire with Washington and is confident they can reach a trade agreement, suggesting Beijing wants to avoid disruptions due to the arrest of a tech executive.

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