China says its 2018 trade surplus with the US was the highest in more than a decade

B

Bill

Malarkeyville
The great deal maker:laugh::laugh::laugh:




Despite U.S. President Donald Trump launching a high-stakes trade war against Beijing last year, China on Monday announced that its 2018 trade surplus with Washington was its largest in more than a decade.
China's surplus with the U.S. grew 17 percent from a year ago to hit $323.32 billion in 2018, according to government data. It was the highest on record dating back to 2006, according to Reuters.
Exports to the U.S. rose 11.3 percent on-year in 2018, while imports from the U.S. to China rose a meager 0.7 percent over the same period.

China's overall trade surplus for 2018 was $351.76 billion, the government said. Exports in the whole of 2018 rose 9.9 percent from 2017 while imports grew 15.8 percent over the same period, official dollar-denominated data showed.
 
Bill! welcome back!

China trade talks are going well though
https://asia.nikkei.com/Economy/Trade-War/US-and-China-extend-trade-talks-as-Trump-hails-progress
n a possible sign of progress, China's Ministry of Agriculture on Tuesday it had approved imports of five genetically modified crops, according to Chinese media. The announcement may have been planned to coincide with the trade talks and show China's willingness to do more business with America's GMO-heavy farms.

Deputy U.S. Trade Representative Jeffrey Gerrish is leading the American delegation, which includes officials from the Agriculture and Energy departments, in the first face-to-face talks between Chinese and American officials since last month's summit meetings in Argentina. The Chinese side is led by Vice Minister of Commerce Wang Shouwen.

The two sides look to have discussed specific steps toward achieving the $1.2 trillion expansion in imports of U.S. goods that Beijing proposed at the Group of 20 summit. The Chinese side appears to accept the idea of increasing imports if tariff hikes threatened by the U.S. can be avoided.

Last summer, the Trump administration presented China with a list of 142 trade demands. About 40% of those were seen as items on which the countries could easily reach an agreement, such as expanding U.S. exports of soybeans and liquefied natural gas.

Voices on the Chinese side have shown optimism as well. The odds of a U.S.-China trade deal are rising, Wei Jianguo, a former vice minister of commerce, told Bloomberg on Thursday.

But Beijing remains wary of granting concessions on deeper economic matters, and is especially reluctant to bend to U.S. demands for an overhaul of "Made in China 2025" plan for building up high-tech industries. In a speech last month, President Xi Jinping stressed that China would "resolutely reform what should and can be reformed, and make no change where there should not and cannot be any reform."
 
The reason why the US-China trade talks will work: it’s the personal touch
President Xi and President Trump have too much invested in the trade dispute personally to let the talks fail
https://www.scmp.com/comment/insigh...hina-trade-talks-will-work-its-personal-touch

Trump, as expected, extolled the meeting, but more meaningfully, I believe, China’s Ministry of Commerce immediately went on record to call the talks “very successful”. Other Chinese officials quickly affirmed that new measures would combat intellectual property theft. Even more significant, perhaps, rumours were afoot that major changes were in the works for “Made in China 2025,” including reductions in state subsidies for new technologies and a greater openness to participation by foreign companies.

The announcement that US Trade Representative Robert Lighthizer, a China hawk, was placed in charge of negotiations was greeted positively by Chinese officials who have long requested clarity in a single US point person with whom to negotiate. It is a socio-political principle that nationalistic hawks can often achieve peace more easily than globalist doves because it is more difficult for domestic detractors to undercut them as being “soft”.
US sets 90-day deadline for China to agree comprehensive trade deal

Regarding the apparent 90-day “drop dead” date, Larry Kudlow, Trump’s top economic adviser, said “If there’s good, solid movement and good action, he ‘[Trump] might be willing to extend.” The arrest of Huawei’s CFO triggered accusations and counter accusations, but neither side, tellingly, called the trade talks into question. In fact, there were parallel affirmations the talks would continue.

Peter Navarro, the White House adviser considered with good reason to be the most hawkish on China, said that stock markets should be “patient and optimistic”. Navarro, he of the “death by China” screed, said what? Optimistic!

Moreover, when I speak to Chinese economists, I hear the conviction that many of the US demands – IPR protection, opening up markets, reductions in state subsidies – are precisely what China needs to do anyway.

Most important, Xi is fighting three big battles: financial risk, poverty alleviation and pollution reduction, alongside a slowing economy – he does not need a protracted trade war. Trump has nervous investors and a volatile stock market on his hands, along with signs of a slowing economy and a welter of political and personal problems. Going into the 2020 election, he too does not need a protracted trade war.
 
US economy is absolutely booming. we'll easily hit 3%+ GDP growth.
December was a monster month for wages and jobs.

China growth is slowing down but we are still not
 
About half of China's exports to the US are in computers and electronics and it has been reported that manufacturers are starting to move production of those away from China to other Asian countries as a result of this trade war.
 
Kacper said:
About half of China's exports to the US are in computers and electronics and it has been reported that manufacturers are starting to move production of those away from China to other Asian countries as a result of this trade war.
Click to expand...
it's been happening on its own as well. 'Outsourcing" to Vietnam and Indonesia, just like we got hit with outsourcing.

Once we do get this trade agreement settled though , balance of payments with China will improve-
and hopefully we make some real progress on IP theft.

China has walked back it's "Made in China 2025" claims too - but suspicions are that's only for public consumption
 
Kacper said:
With 2% inflation, hitting 3% GDP is hardly impressive.
Click to expand...
wages are important to inflation, not so much GDP. Wages are up 3.2& for the year - Obama hovered around 2% or less

GDP is an indicator of economic growth ( jobs/exports) and the job growth could not be better.
Manufacturing is up like 500k since Trump took over, despite Obama's claim they would not come back unless Trump had a "magic wand"

Minority unemployment is at record lows..it ALL GOOD across the board!
 
noise said:
it's been happening on its own as well. 'Outsourcing" to Vietnam and Indonesia, just like we got hit with outsourcing.

Once we do get this trade agreement settled though , balance of payments with China will improve-
and hopefully we make some real progress on IP theft.

China has walked back it's "Made in China 2025" claims too - but suspicions are that's only for public consumption
Click to expand...

Much of that "theft" is forced technology transfer agreements in exchange for access to Chinese manufacturing and markets. These companies enter into the FTT agreements to get access to Chinese markets and then bitch and complain about it as 'theft" after the fact.
 
Kacper said:
Much of that "theft" is forced technology transfer agreements in exchange for access to Chinese manufacturing and markets. These companies enter into the FTT agreements to get access to Chinese markets and then bitch and complain about it as 'theft" after the fact.
Click to expand...

Dec 23, 2018 06:02 PM
China Proposes Prohibiting Forced Technology Transfers
https://www.caixinglobal.com/2018-1...ng-forced-technology-transfers-101362519.html
China is expected to prohibit local governments from forcing foreign businesses to transfer technology or illegally restrict their market access, according to a draft law on foreign investment reviewed by the legislature on Sunday.

The law will also ensure foreign investors enjoy equal treatment with domestic counterparts in China, except in those excluded areas specified in a negative list, the official Xinhua News Agency reported.

The draft law is seen as sending a strong signal of China’s determination to further open up its markets and protect foreign investors’ interests, addressing major complaints from the Trump administration in its trade war with Beijing.

The draft law also stipulates that foreign businesses’ intellectual property will be protected, and their profits in China can be freely transferred out of the country.

The law, if adapted, is expected to replace three existing laws on Chinese-foreign equity joint ventures, contractual joint ventures and wholly foreign-owned enterprises, Xinhua said.

A new law will normally go through several rounds of hearing by the legislature’s standing committee before being approved by the plenary session of the NPC.
 
China’s Trade Surplus Hits Lowest Levels Since 2013

By Fran Wang / Jan 14, 2019 10:29 AM / Economy

China’s trade surplus shrank in 2018 to the lowest level in five years, according to data released Monday from the General Administration of Customs.

Imports soared 15.8% to $2.14 trillion, while exports rose 9.9% to $2.48 trillion. This tamped down the trade surplus by 16.2% to $351.76 billion, the administration said.
https://www.caixinglobal.com/2019-01-14/chinas-trade-surplus-shrank-in-2018-101369642.html
 
The idea is not to "hurt" China you bunch of dingbats.

trump is making it a fair playing field, which no one before him had any clue on achieving

#MAGA in spite of you negative whiny cry-babies
 
Bill said:
The great deal maker:laugh::laugh::laugh:




Despite U.S. President Donald Trump launching a high-stakes trade war against Beijing last year, China on Monday announced that its 2018 trade surplus with Washington was its largest in more than a decade.
China's surplus with the U.S. grew 17 percent from a year ago to hit $323.32 billion in 2018, according to government data. It was the highest on record dating back to 2006, according to Reuters.
Exports to the U.S. rose 11.3 percent on-year in 2018, while imports from the U.S. to China rose a meager 0.7 percent over the same period.

China's overall trade surplus for 2018 was $351.76 billion, the government said. Exports in the whole of 2018 rose 9.9 percent from 2017 while imports grew 15.8 percent over the same period, official dollar-denominated data showed.
Click to expand...


Is this what Trump has been bragging about?
 
Getin the ring said:
The idea is not to "hurt" China you bunch of dingbats.

trump is making it a fair playing field, which no one before him had any clue on achieving

#MAGA in spite of you negative whiny cry-babies
Click to expand...
Bingo.
"Hurting China" also hurts the US in terms of tariffs; but it's the only way to get China to reform.
They won't reform thru the WTO or by jawboning/ they promise and then they don't

Looks like we're on the way to a new agreement that should be much better for the west/USA/foreign business in China
 
Bill said:
The great deal maker:laugh::laugh::laugh:




Despite U.S. President Donald Trump launching a high-stakes trade war against Beijing last year, China on Monday announced that its 2018 trade surplus with Washington was its largest in more than a decade.
China's surplus with the U.S. grew 17 percent from a year ago to hit $323.32 billion in 2018, according to government data. It was the highest on record dating back to 2006, according to Reuters.
Exports to the U.S. rose 11.3 percent on-year in 2018, while imports from the U.S. to China rose a meager 0.7 percent over the same period.

China's overall trade surplus for 2018 was $351.76 billion, the government said. Exports in the whole of 2018 rose 9.9 percent from 2017 while imports grew 15.8 percent over the same period, official dollar-denominated data showed.
Click to expand...
Bill!!!!! It’s so good to see you.
 
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