China's trade surplus with USA widens to $22.19 billion in April
09 May, 2018, 00:53 | Author: Jason Torres
Customs data showed that exports jumped 21.5 percent from a year earlier in April, bouncing back from a contraction the previous month thanks to resurgent global demand.
BEIJING-Chinese exports rebounded in April, as companies rushed to make shipments ahead of expected tariffs brought on by trade tensions with the U.S. Exports amounted to USD200.4 billion.
Chinese Vice Premier Liu He was involved in the Beijing-based trade talks with the US trade delegation. They included cutting the U.S. trade deficit with China by $200 billion by the end of 2020 and halting Chinese subsidies for advanced technology industries. President Donald Trump's demands that China slash its surplus with the US have become a cornerstone of his combative economic policy.
"We are working on something that we think will be great for everybody", White House press secretary Sarah Sanders told reporters on Monday without giving further details on the negotiations.
The country's surplus with the USA expanded to $22.19B - compared with a surplus of $15.43B in March.
Highlighting the challenge of significantly reducing that gap any time soon, China's trade surplus with the USA widened to US$22.19 billion last month, from US$15.43 billion in March, according to Reuters calculations based on customs data released yesterday.
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President Xi seemed to respond to the escalation in early May by signaling a willingness to improve intellectual property protections and cut tariffs on US auto imports to China.
Imports in April also showed robust growth of 22% from a year ago, up to USD171.7 billion.
However, the Trump administration has drawn a hard line, demanding a US$200 billion cut in the Chinese trade surplus with the US by 2020, sharply lower tariffs and advanced technology subsidies, according to people familiar with the top-level US-China talks on Friday last week.
China's Commerce Ministry said the two sides had agreed to establish a mechanism to try to resolve their dispute, though differences remained, Chinese state media reported.
Trump has threatened to impose tariffs on as much as United States dollars 150 billion in Chinese goods, duties that can be imposed after a public comment period ends on May 22.
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