Published: Sat, December 08, 2018
Finance | By Loren Pratt

Trump says China trade talks 'going very well'

Trump says China trade talks 'going very well'

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.

Growth in imports for November slowed sharply to 3.0 percent from a 21.4 jump in October, and far missed analysts' forecast of 14.5 percent.

That front-loading may still have been happening in November as the USA tariff hike threatened for Jan 1, 2019 was still on the table before presidents Donald Trump and Xi Jinping met during the Group of 20 summit.

China's exports to the USA rose by 9.7 per cent year on year to US$46.2 billion in November, while imports dropped 25 per cent to US$10.6 billion, according to data published by the General Administration of Customs in China on Saturday.

China's soybean imports fell 38 per cent on-year, to 5.4 million tonnes for the month, the data showed. Imports of iron ore fell for a second time, reflecting waning restocking demand at steel-mills as profit margins narrow.

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

President Donald Trump, right, has dinner with China's President Xi Jinping, left and members of their delegation at the end of the G20 Leaders' Summit in Buenos Aires, Argentina, Dec. 01, 2018.

On Thursday and again on Friday, Trump tweeted that talks with China are going well.

The November headline trade numbers came out less than a week after Presidents Donald Trump and Xi Jinping agreed to a 90-day truce delaying the planned January 1 United States hike of tariffs to 25 percent from 10 percent on $200 billion of Chinese goods while they negotiate a trade deal.

China's trade surplus with the United States was $35.55 billion in November, a record high and compared with $31.78 billion in the preceding month. The October surplus was US$31.78 billion.

China's trade surplus with the United States ballooned to a record Dollars 35.6 billion in November, official data showed Saturday, as exports across the Pacific remained strong despite a raft of U.S. tariffs while imports shrank.

For trade with all countries, China's surplus was $44.74 billion for November, compared with forecasts of $34 billion and October's surplus of $34.02 billion.

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