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World U.S.-China Trade Soars by a Fifth, Despite Trump Tariffs

13:36  13 october  2020
13:36  13 october  2020 Source:   newsweek.com

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Business China Trade U . S . tariffs Trade War. Chinese exports to the United States climbed 20. 5 percent to billion last month, compared to a year ago, despite tariffs from the Trump administration. The world' s second largest economy saw its trade growth accelerate in September as

China Has Had Enough of Your Garbage. One of the great ironies of the U . S .- China trade war is that, since March, when president Donald Trump began slapping tariffs on Chinese imports, America’ s merchandise trade deficit with China has grown bigger, not smaller. As Financial Times’ Gillian Tett

Chinese exports to the United States climbed 20.5 percent to $44 billion last month, compared to a year ago, despite tariffs from the Trump administration.

a man sitting in a chair: Workers produce drill bits at a Tiangong International plant. The demand for imported industrial materials has been on the rise as manufacturers are back to normal activity. © Getty Images/Hector Retamal Workers produce drill bits at a Tiangong International plant. The demand for imported industrial materials has been on the rise as manufacturers are back to normal activity.

The world's second largest economy saw its trade growth accelerate in September as it recovered from the outbreak of coronavirus and as more trading partners reopened their economies.

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U . S . President Donald Trump , who calls himself “ Tariff Man,” says China and other trading partners have long taken advantage of the U . S ., an argument that enjoys broad support in Washington across party lines. He points to the trade deficit (the difference between imports and exports) as evidence of

President Donald Trump is set to sign a "phase one" trade deal with China on Wednesday, but the agreement -- which has been almost two years in the making -- won't lift the tariffs he' s imposed on Chinese -made goods.

It was the first major economy to bounce back to pre-virus growth levels in the second quarter of 2020—climbing 3.2 percent—after a slump in the first quarter. Analysts expect that the recovery also continued into the third quarter.

The country's total exports last month rose 9.9 percent from a year ago to $239.8 billion, up from 9.5 percent growth the previous month, customs data showed. This was the fourth consecutive monthly gain.

Exporters reaped the benefits of record demand for masks and medical supplies and received a boost from China's early reopening of its economy. It also benefited from robust demand for electronic products despite Washington's clamp down on Beijing's technology ambitions.

Donald Trump has cut off supplies of components for companies including China's leading tech firm Huawei. The technology giant has since become a lightning rod for U.S. geopolitical tensions with China.

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Trump on Sunday raised pressure on Beijing to strike a trade deal by announcing he would increase tariffs on 0 billion of Chinese imports Friday to 25 percent from 10 percent. He also floated the possibility of extending a new 25 percent duty on another 5 billion of imports not already covered.

China ' s government and companies in China do not pay U . S . tariffs directly. Tariffs are a tax on imported products and are paid by U . S .-registered Trump says the United States will be "taxing" China until a trade deal is secured. He has called himself the " Tariff Man," often repeating that China

In May, Washington restricted non-U.S. manufacturers, such as Taiwan Semiconductor Manufacturing, the world's largest contact chipmaker, from building any products for Huawei and its chip designing arm HiSilicon if they used American equipment.

The U.S. president is lobbying allies to avoid Chinese suppliers as they upgrade to next-generation telecom networks which could weigh on future exports of technology products.

A visitor with a face mask walks past the logo of Huawei. The technology giant has since become a lightning rod for U.S. geopolitical tensions with China. Tobias Schwarz/AFP via Getty Images © Tobias Schwarz/AFP via Getty Images A visitor with a face mask walks past the logo of Huawei. The technology giant has since become a lightning rod for U.S. geopolitical tensions with China. Tobias Schwarz/AFP via Getty Images

China's global trade surplus increased 6.6 percent to $37 billion but this was a sharp decrease from August's $58.9 billion gap. The data showed that the country's biggest trading partner was the ASEAN countries, which accounted for more than $416 billion in the first 8 months of the year.

Imports jumped 13.2 percent to $202.8 billion compared to August's contraction of 2.1 percent. Imports of American goods rose 24.5 percent to $13.2 percent during the period.

The demand for imported industrial materials such as iron ore and copper has been on the rise as car manufacturers are back to normal activity. However, retail sales remain weak as customers hold back on spending.

China is attempting to reduce its reliance on overseas markets due to ongoing trade tensions in the U.S. and the global effect of the coronavirus outbreak.

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