China to 'immediately' apply measures agreed in trade truce with US

Postado Dezembro 08, 2018

US companies paid $6.2 billion in tariffs in October, including $2.8 billion in new tariffs on imports that have been imposed by the Trump administration, the group said on Friday.

While at the conclusion of Saturday's working dinner, both the USA and Chinese delegations said that what amounted to a trade war "truce" between the leaders had been reached, the messaging from the White House that followed seemed to only muddy the waters.

Trump pushes to narrow the deficit - the difference between a country's exports and imports - demand for foreign-made products is spurring companies to import more foreign-made goods to the U.S. But consumers are also paying a price, according to Tariffs Hurt the Heartland, a lobbying coalition of manufacturing, farming and technology groups.

-Chinese relations for years.

The November trade numbers came out less than a week after Presidents Donald Trump and Xi Jinping agreed to a 90-day truce delaying that tariff hike as they negotiate a trade deal.

The two agreed a 90-day window starting from December 1 to try to resolve their differences, but if they can not do so then the threatened tariff increase will kick in on March 1.

Imports grew 3 per cent, widening China's trade surplus to US$44.7 billion from US$34 billion.

The new export order component in China's official purchasing managers' index had been contracting since June and barely picked up in November.

China's exports increased far less than expected in November, apparently indicating that slowing global demand outweighed any gains from a rush to ship goods to the United States ahead of a now-postponed January 1 increase in Washington's import tariffs.

Another key export barometer is the biannual Canton Fair.

But growth of exports and imports slowed from October, with exports rising 5.4 per cent for November on-year, short of the 9.4 per cent forecast by Bloomberg News, and imports rising 3.0 per cent on-year, also below the forecast. Imports of iron ore fell for a second time, reflecting waning restocking demand at steel-mills as profit margins narrow.

The trade surplus with the USA expanded to Dollars 293.5 billion for January-November, up from United States Dollars 251.3 billion during the same period past year.

The conference usually takes place in mid-December and is where senior policymakers agree directions for the following year's policy, details of which are released in March during the annual National People's Congress.