Trade sur­plus in the time of ‘war’

Raft of US tar­iffs fails to de­ter China’s trade sur­plus with the US from bal­loon­ing to a record $34.1 bil­lion

Mid Day - - WORLD -

BEI­JING: China’s trade sur­plus with the United States bal­looned to a record $34.1 bil­lion in Septem­ber, de­spite a raft of US tar­iffs, 1of­fi­cial data showed Fri­day, adding fuel to the fire of a wors­en­ing trade war.

Re­la­tions be­tween the world’s two largest economies have soured sharply this year, with US Pres­i­dent Don­ald Trump vow­ing on Thurs­day to in­flict eco­nomic pain on China if it does not blink. China’s ex­ports to the US rose to $46.7 bil­lion while im­ports slumped to $12.6 bil­lion, ac­cord­ing to China’s cus­toms ad­min­is­tra­tion. The world’s top two economies im­posed new tar­iffs on a mas­sive amount of each other’s goods mid-Septem­ber, with the US tar­get­ing $200 bil­lion in Chi­nese im­ports and Bei­jing fir­ing back at $60 bil­lion worth of US goods. “China-US trade fric­tion has caused trou­ble and pounded our for­eign trade de­vel­op­ment,” cus­toms spokesman Li Kui­wen said on Fri­day. China’s over­all trade — what it buys and sells with all coun­tries in­clud­ing the US — logged a $31.7 bil­lion sur­plus, as ex­ports rose faster than im­ports. Ex­ports jumped 14.5 per cent for Septem­ber onyear, beat­ing fore­casts from an­a­lysts polled by Bloomberg News, while im­ports rose 14.3 per cent on-year.

An­a­lysts fore­cast the trade war will start to hurt China in com­ing months.

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