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China's Trade Surplus With US Hits New Record in August

The figures were released hours after President Donald Trump threatened to slap tariffs on the totality of Chinese goods imported into the United States, worth half a trillion dollars.

PTI

Updated:September 8, 2018, 12:55 PM IST
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China's Trade Surplus With US Hits New Record in August
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Beijing: China's trade surplus with the United States ballooned to a new record USD 31 billion in August despite a raft of US tariffs, official data showed Saturday, adding fuel to the flames of a searing trade war.

The figures were released hours after President Donald Trump threatened to slap tariffs on the totality of Chinese goods imported into the United States, worth half a trillion dollars.

The world's two biggest economies have been locked in a months-long trade dispute, with negotiations going nowhere and fears that it could damage the global economy.

Trump imposed customs duties of up to 25 per cent on USD 34 billion worth of Chinese goods in July, and on another USD 16 billion in August, triggering swift tit-for-tat responses from Beijing. But the tariffs do not appear to have dented the appetite for Chinese-made products in the United States.

Chinese exports to the United States rose to USD 44.4 billion in August, a 13.2 per cent increase from the same period last year, according to customs data. Imports from the United States reached USD 13.3 billion, a two per cent increase from the previous year. China's trade surplus with the United States reached USD 31 billion in August, an 18.7 per cent increase from the same month last year and up from its previous record, USD 28.9 billion, in June this year, according to customs data.

While China's trade surplus with the United States grew again, it remained stable with the rest of the world at USD 27.9 billion in August. Global exports increased by 9.8 per cent while its imports rose by 20 per cent compared to the same month last year, according to customs data.

The figures were well below July's performance, when exports had jumped 12.2 per cent and imports grew 27 per cent.
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