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