China’s trade surplus with U.S. at $35.6 bn

December 9, 2018 - 10:34

TEHRAN - As the trade war between the two countries intensifies, China's trade surplus with the United States has ballooned to a record $35.6 billion in November, according to official data.

Relations between the world's two leading economies continue to be edgy despite a so-called ‘truce’ struck between U.S. President Donald Trump and Chinese President Xi Jinping during the G-20 summit last week.

The increasingly lopsided trade in goods between the two nations threatens to further derail prospects for a trade deal during a 90-day negotiation period.

The ballooning trade deficit with China makes things difficult for Trump, who made tall claims about turning around the situation. His tariff war with China has not gone down well with Beijing.

China's exports to the U.S. rose 9.8 percent for November on-year, while imports for the month fell 25 percent, the data from China's customs administration showed.

American farmers have been hit particularly hard by the trade tensions. Trump tweeted this week that China would begin buying products from U.S. farmers “immediately”.

According to a recent study report by OECD, Asia in general and China in particular is on the upswing. “One consequence of the rising importance of emerging markets in the world economy, notably China and India, but also Indonesia, is that the center of gravity of world economic activity continues to move from North America toward Asia,” the paper noted.

Meanwhile, China has taken serious umbrage to the arrest of the top executive and daughter of the founder of Chinese telecom giant Huawei in Canada this week following a U.S. extradition request.

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