China’s trade surplus with USA reaches record level

Dow dives as enthusiasm for Trump's trade truce fades

US companies paid $6.2 billion in tariffs in October, including $2.8 billion in new tariffs on imports that have been imposed by the Trump administration, the group said on Friday.

The Ministry of Commerce said Thursday China will immediately start implementing agreements on agricultural products, energy and cars that were reached at the weekend summit between Chinese and USA leaders over their ongoing trade dispute.

On December 6, the U.S. reported that its trade deficit in October jumped to a 10-year high, and that the deficit with China that last month surged 7.1 percent to a record $43.1 billion. It would also begin buying products from USA farmers "immediately", the U.S. said.

China's exports to the United States rose 9.8 per cent for November on-year, while imports for the month fell 25 per cent on-year, the data from China's customs administration showed.

The tariff hike, which has helped spur export growth since August, was postponed after the high-stakes meeting last week, where both sides agreed to work toward a substantive agreement within 90 days.

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

According to The Wall Street Journal, the tariffs - which are often paid by importers, who then pass the added costs onto companies to whom the products belong - are likely to ultimately fall on the shoulders of American consumers.

The U.S. worldwide trade deficit in goods and services increased to $55.5 billion in October from $54.6 billion in September, according to Census Bureau data. From August to October, the number increased by 30 percent.

Over the first 11 months of the year, China's total trade with the U.S. rose by 7.2 per cent to 3.8 trillion yuan (US$557 billion), accounting for 13.7 per cent of the value of China's overall trade.

But unease over the agreement has dented stocks this week with major U.S. indices falling more than two per cent to close the market's worst week since March and one that left both the Dow and the S&P 500 in negative territory for the year.

"China will start from agricultural products, autos and energy to immediately implement specific items that China and the USA have agreed upon", Ministry of Commerce Spokesman Gao Feng told reporters in Beijing.

In addition to buying United States goods immediately, Trump claimed this week that China would roll back tariffs of 40 per cent on U.S. made cars - but China's commerce ministry declined to confirm this move when asked about it Thursday.

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