China trade surplus with US dropped to US$296 billion in 2019
CHINA’S trade surplus with the United States narrowed last year as the world’s two biggest economies exchanged punitive tariffs in a bruising trade war, data showed Tuesday.
The huge difference in trade traffic is a key bone of contention for Donald Trump in a longrunning stand-off that has seen him impose tariffs on goods worth hundreds of billions of dollars, triggering retaliation from Beijing and jolting the global economy.
China’s surplus came in at around US$295.8 billion in 2019, down 8.5 per cent from the previous year’s record US$323.3 billion, according to customs data.
In December, its surplus with the US was around US$23.2 billion, from US$24.6 billion the month before.
The mini trade deal announced last month will see Beijing buy an extra US$200 billion of US products over a two-year period, according to Washington officials. China has yet to publicly confirm the figures.
The Trump administration called off new tariffs on Chinese-made goods such as electronics that were to take effect last month. It also halved those imposed on September 1 on US$120 billion worth of products.
But Washington maintains 25 per cent tariffs on about US$250 billion worth of Chinese imports.
In a further sign of deescalation, Washington on Monday removed the currency manipulator label it imposed on China in the summer.
At a news conference on Tuesday, spokesman for the customs administration Zou