US trade deficit with China grows to a record and it’s likely even worse than the data shows

[Somerville]

Isn't this special? We all know Trump really, really, truly knows how the business of international trade works, don't we?

US trade deficit with China grows to a record and it’s likely even worse than the data shows

Despite U.S. President Donald Trump launching a high-stakes trade war against Beijing last year, China on Monday announced that its 2018 trade surplus with Washington was its largest in more than a decade.

China’s surplus with the U.S. grew 17 percent from a year ago to hit $323.32 billion in 2018, according to government data. It was the highest on record dating back to 2006, according to Reuters. The deficit that the U.S. has with China is likely even bigger than these figures indicate since China calculates the numbers using different methods, sometimes excluding goods that end up in the U.S. via other countries.

Exports to the U.S. rose 11.3 percent on-year in 2018, while imports from the U.S. to China rose a meager 0.7 percent over the same period.

For those who refuse to click thru to read the article - things are not all fine and dandy for China's economy despite the growing trade surplus with the US

While the surplus with the U.S. may have risen, last year’s overall Chinese trade surplus was the lowest since 2013, even though export growth was the highest since 2011, according to Reuters’ records.
(. . .)
China’s overall December exports unexpectedly fell 4.4 percent from a year earlier, the biggest monthly drop in two years, the customs data showed on Monday.

Imports also unexpectedly contracted in December — falling 7.6 percent, marking the biggest decline since July 2016.

 

[Captain Adverse]

Isn't this special? We all know Trump really, really, truly knows how the business of international trade works, don't we?

For those who refuse to click thru to read the article - things are not all fine and dandy for China's economy despite the growing trade surplus with the US

11.3 % rise in imports to the USA?

Well, then I guess we need to hit them with more tariffs on everything we are still importing.

Make it more profitable for things being "Made in the USA" again. :coffeepap:

 

[Airyaman]

11.3 % rise in imports to the USA?

Well, then I guess we need to hit them with more tariffs on everything we are still importing.

Make it more profitable for things being "Made in the USA" again. :coffeepap:

Temporary measures like tariffs will never result in manufacturing returning to the US.

 

[Somerville]

11.3 % rise in imports to the USA?

Well, then I guess we need to hit them with more tariffs on everything we are still importing.

Make it more profitable for things being "Made in the USA" again. :coffeepap:

It appears that your "Made in the USA" banner isn't flying so well in the international trade market. Farmers Hope the Trade War Ends Before Their Crops Rot and Whiskey Wars: Trade tariffs hit hard in Trump country and Ford Motor Co: US steel most expensive thanks to Trump tariffs

 

[Captain Adverse]

Temporary measures like tariffs will never result in manufacturing returning to the US.

Well gee, our tariffs were at 1.61% in 2016, while China's were at 3.54%.

U.S. tariffs are among the lowest in the world – and in the nation’s history.

U.S. tariffs are among lowest in world ? and in nation's history

China has been dealing with US trade unfairly for as long as we have tolerated it.

When I was younger I watched our Steel industry deteriorate as we bought more cheap steel from China instead of our own here in the USA. We even sell them steel waste which they use to make new steel and sell back to us at a profit.

Small wonder the rust belt was pissed enough to vote Trump in.

I am aware that tariffs are not the sole solution, but we do need to bring back production despite naysayers thinking otherwise.

 

[Airyaman]

Well gee, our tariffs were at 1.61% in 2016, while China's were at 3.54%.

U.S. tariffs are among lowest in world ? and in nation's history

China has been dealing with US trade unfairly for as long as we have tolerated it.

When I was younger I watched our Steel industry deteriorate as we bought more cheap steel from China instead of our own here in the USA. We even sell them steel waste which they use to make new steel and sell back to us at a profit.

Small wonder the rust belt was pissed enough to vote Trump in.

I am aware that tariffs are not the sole solution, but we do need to bring back production despite naysayers thinking otherwise.

And?

The tariffs Trump is implementing are temporary.

 

[Mycroft]

Isn't this special? We all know Trump really, really, truly knows how the business of international trade works, don't we?



For those who refuse to click thru to read the article - things are not all fine and dandy for China's economy despite the growing trade surplus with the US

That US exports to China rose at all is indication that Trump is getting something done.

The tariffs were never meant to "lower the trade deficit". Claims that they were are nothing more than dishonesty from those making the claims. The tariffs are meant as a "stick" to get China to change their unfair and illegal practices and to negotiate better trade deals.

The US buying products from China isn't necessarily a bad thing, though it would be better if Americans supported American manufacturers more. But things that China is doing...currency manipulation, tech theft, closing their own market to American products, etc...are not the actions of a good trading partner and Trump is working hard to change those actions. Tariffs are one of his tools.

 

[Captain Adverse]

That US exports to China rose at all is indication that Trump is getting something done.

The tariffs were never meant to "lower the trade deficit". Claims that they were are nothing more than dishonesty from those making the claims. The tariffs are meant as a "stick" to get China to change their unfair and illegal practices and to negotiate better trade deals.

The US buying products from China isn't necessarily a bad thing, though it would be better if Americans supported American manufacturers more. But things that China is doing...currency manipulation, tech theft, closing their own market to American products, etc...are not the actions of a good trading partner and Trump is working hard to change those actions. Tariffs are one of his tools.

There are 10 Chinese for every American. There are 3.5 citizens of the Indian Sub-Continent for every American.

Labor is cheap in both areas, and companies like Wal-Mart, Nike, hell just about every clothing maker of note to name a few importing businesses make seriously major profits off the sweat-shop labor of the Far East. Those nations don't much care about the environment either, kicking that can down the road much like the USA did back in it's sweat-shop days. So no big OSHA regulations to deter productivity.

Meanwhile China is stealing technology from every US corporation that uses their factories, and they have no problem hacking America to steal more. As you state they are also into currency manipulation, amassing massive amounts of gold while also dealing unfairly in the fiat-currency markets.

I am no economic scholar learned enough to offer solutions to these and other problems with our economy. But sailing along as we were prior to Trump's efforts was not doing us any good, so I am willing to give Trump that chance.

 

[SLC]

I imagine with the shrinking economy in China has lead to a reduction of them and importing as much from us. I know they have reduced importing soybeans.