China's trade surplus with US balloons

China's trade surplus with US balloons

China's trade surplus with US balloons

Trump is demanding Beijing take steps to narrow its trade deficit with the USA, which Washington said stood at a record US$375.2 billion past year.

Xi's visit came as China announced plans to hold live-fire naval drills next week in the narrow strait separating the mainland from Taiwan, an act that could ratchet up tensions with the island.

President Xi Jinping's vow this week to cut tariffs in some sectors, and Trump's warm response, have calmed some concerns - but a vast gulf in expectations remains between the two nations. "We hope that the United States will listen patiently to rational and pragmatic voices on the trade balance issue".

China and India together accounted for 17 per cent of the world oil consumption a year ago and are also the world's second and third largest oil consumers, respectively.

In a move to further force China to lower the billions of goods trade surplus running with the US, Trump unveiled tariff representing about US$50 billion of technology, transport and medical products early this month, drawing an immediate threat of retaliatory action from Beijing.

China will set up an worldwide free trade zone and port on the island of Hainan, state radio said on Friday, citing President Xi Jinping, granting foreign firms greater economic freedom in the southernmost province.

However, Chinese officials have in recent days repeated that the two sides were not negotiating on the issue.

China's trade surplus with US balloons
China's trade surplus with US balloons

Commerce Ministry spokesman Gao Feng told reporters during a regular briefing, however, that Xi's remarks had nothing to do with the trade row and should not be mischaracterized as a concession to Washington.

China has built a collection of military facilities on small islands around the South China Sea. "And, you know, at a certain point, they run out of bullets".

"You can't stop Chinese people from gambling", said Pei Guangyi, one of the scholars.

China's total aluminium exports in March rose to their highest since June, just as the United States imposed tariffs on imports of the metal and steel on March 23.

However, Xuzhou, an industrial city in eastern China's Jiangsu province, was also on the list of the 10 smoggiest cities in March and during the first quarter, a sign that China's smog is shifting from its northern heartlands as a result of the crackdown.

That helped narrow its surplus with the March alone to $15.43 billion from $20.96 billion in February, but that was still almost 18 percent higher than March 2017.

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