Beijing, China (AFP) — China’s trade surplus with the United States hit a record high last year but the country’s imports and exports fell in December as the long-running trade war begins to bite in the world’s number two economy, data showed Monday.
The surplus with the US is a major source of anger within the Trump administration, which imposed tariffs on hundreds of billions of dollars worth of Chinese goods last year and has warned of more to come.
Despite the levies, exports to the United States grew 11.3 per cent last year while imports rose 0.7 per cent, expanding the surplus to a record US$323.3 billion from US$275.8 billion in 2017, customs data show.
However, in a sign that the White House’s measures are having an impact, China’s exports to the US sank last month.
The figures come after a US delegation held three days of talks in Beijing last week in the first face-to-face meeting since Donald Trump and Chinese leader Xi Jinping in December pledged a 90-day truce to resolve the crisis.
Trump wants Beijing to buy more American goods to narrow the yawning trade gap and allow foreign players better access and protection in the Chinese market.
China traditionally imports vast quantities of American soybeans in the second half of the year, long making it the most valuable import from the US.
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