China Trade Surplus With US Dropped To $296 Billion In 2019 In Wake Of Standoff

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Cog gears mechanism closeup.Concept business driven of the America and Japan.

The perennial US trade deficit with China has been a major source of anger for President Donald Trump, who has slapped tariffs on hundreds of billions of dollars worth of Chinese goods.

Agence France-Presse

China’s trade surplus with the United States narrowed last year as the world’s two biggest economies exchanged punitive tariffs in a bruising trade war, official data showed Tuesday.

The figures were released just a day before the US and China are expected to sign a “phase one” agreement that marks a de-escalation in their two-year conflict.

The perennial US trade deficit with China has been a major source of anger for President Donald Trump, who has slapped tariffs on hundreds of billions of dollars worth of Chinese goods, triggering tit-for-tat responses from Beijing.

China’s surplus came in at around $295.8 billion in 2019, down 8.5 percent from the previous year’s record $323.3 billion, according to customs data.

In December, its surplus with the US was around $23.2 billion, down from $24.6 billion the month before.

As part of the interim trade deal, Beijing will buy an extra $200 billion of US products over a two-year period, according to Washington officials. China has yet to publicly confirm the figures.

 

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