China’s trade surplus with USA reaches record level

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.

Related News:

  • New Images Of The Samsung Galaxy S10 Leak

    New Images Of The Samsung Galaxy S10 Leak

    Full details about the Galaxy M20 are expected to make the rounds in the coming weeks as we approach the release date. On the back there's a fingerprint reader and a ring around the central camera, but we don't know what it is.
    Skoda goes upscale with Scala compact hatchback

    Skoda goes upscale with Scala compact hatchback

    There's also a 86kW/250Nm 1.6-litre turbo-diesel, and a 66kW/145Nm 1.0-litre 3-cylinder running on compressed natural gas. The company also offers 1.0 L G-TEC CNG engine with 90 PS and 145 Nm, mated to 6-speed manual gearbox.
    Crash Team Racing Nitro-Fueled Screenshots Look N. Sanely Good

    Crash Team Racing Nitro-Fueled Screenshots Look N. Sanely Good

    As a reminder, Crash Team Racing is a kart racer known power-ups, weapons, and power slides. A standard version will be $39.99, while the Nitros Oxide Edition will be $59.99.
  • Southwest Airlines flight skids off runway at Burbank airport

    Southwest Airlines flight skids off runway at Burbank airport

    Clapping erupted on the plane after it came to a stop, passengers who were grateful to the pilot for his response said. At the time of the incident visibility at the airport reportedly dropped to one mile amid the heavy rain.
    Disappearance of missing backpacker in Auckland being treated as murder

    Disappearance of missing backpacker in Auckland being treated as murder

    The revelation follows a forensic examination of a hotel where she was last seen on Saturday 1 December with a "male companion". Detectives have since assessed Grace's belongings, which were left at the backpackers where she was staying.

    Trump calls ex-secretary of state ‘dumb as a rock’

    When the president would say, 'Here's what I want to do, and here's how I want to do it.' And I'd have to say to him 'Mr. In March, Trump fired Tillerson and replaced him with Secretary of State Mike Pompeo .
  • Chris Watts Blames Kids For Marriage Issues With Shanann Watts | Crime Time

    Chris Watts Blames Kids For Marriage Issues With Shanann Watts | Crime Time

    The Rzuceks called Shanann a "phenomenal" mother who would "do anything for her children" and battled lupus for a long time. Shanann was found three days later in a shallow grave, and the girls were found in oil tanks at their father's job.
    Tiger keen to be US playing captain

    Tiger keen to be US playing captain

    Only Hale Irwin has played the Presidents Cup as a captain when he performed dual roles for the U.S.in the inaugural 1994 event. The only time in the 24-year Presidents Cup history that the U.S. team has tasted defeat was at Royal Melbourne back in 1998.
    China's rover blasts off to make history on moon's 'dark side'

    China's rover blasts off to make history on moon's 'dark side'

    It may also carry plant seeds and silkworm eggs, according to Xinhua. The launch of a Mars rover is planned for the mid-2020s.
  • France braced for 'day of rage' protests

    France braced for 'day of rage' protests

    Macron's decision early in his presidency to slash taxes on France's wealthiest is particularly unpopular with the protesters. An Elysee official has said intelligence suggested that some protesters would come to the capital "to vandalise and to kill".
    Fiat plans to reopen idled Detroit engine plant to build new Jeep

    Fiat plans to reopen idled Detroit engine plant to build new Jeep

    Italian automaker Fiat had started buying up shares in Chrysler in 2009 , when the American auto company filed for bankruptcy. Fiat told the WSJ that this focus was due to consumer interest, which has shifted away from smaller passenger cars.
    'Magic: The Gathering' esports league launches with $10 million in prizes

    'Magic: The Gathering' esports league launches with $10 million in prizes

    The players themselves have yet to be revealed, but will be soon via player profiles on the esport's official website . More details on how to climb the ranks and battle the pros will be revealed in early 2019.


Most liked

Arsenal players filmed inhaling laughing gas
The Gunners lost their first two matches of the 2018-19 Premier League campaign, but are unbeaten since. Henrikh Mkhitaryan and Shkodran Mustafi also feature in the video but are not seen with the substance.

Diogo Dalot is still optimistic about Manchester United’s season
Both teams showed lots of fight in a frantic and often feisty encounter which saw Unai Emery's Arsenal rack up a 20th unbeaten game in all competitions.

Hearn: Wilder Must Fight Joshua Next or We Might Miss The Boat
American Wilder has questioned Jack Reiss' count but Reiss says he wanted to give Fury "every opportunity". Fury also confirmed they are aiming to hold the rematch in the summer of 2019.

'Dumb' and 'lazy': Trump responds to Tillerson criticism
He told Schieffer that he believes Trump acts on instinct rather than impulse, though it sometimes appears otherwise. In some respects, that looks like impulsiveness. "I'd say, 'Here's what we can do, '" Mr Tillerson said.

Radio stations ban "Baby, It's Cold Outside" in the Me Too era
Susan Loesser, the daughter of Broadway legend Frank Loesser, who wrote the song, insisted it's innocent. Broadway composer Frank Loesser and his wife and musical partner Lynn are shown, April 26, 1956 in NY .

Floyd Mayweather to hold exhibition bout with Japanese kickboxer Tenshin Nasukawa
Interestingly, no judges will be in place and being an exhibition match, neither fighter's undefeated record will be on the line. I'm going to use my weapons against him. "It's an exhibition match, but it's giving me a chance to do something different".

6 dead, dozens hurt in club stampede in Italy
The ages of the victims were not immediately given and it was not yet clear how many people were inside when the stampede erupted. Some survivors were quoted by Italian media as saying at least one fire exit was blocked when concertgoers tried to get out.

Schools bomb hoaxes: Teenager jailed for nationwide threats
Avonbourne Trust has four academies; Avonwood Primary, Avonbourne College, Harewood College and Avonbourne Sixth Form. The court heard that one of the emails, sent to a special needs school, read: "This is a message to everyone".

Revisions eyed for rushed Australia encryption law, Australia/NZ News & Top Stories
However, critics have panned the laws as being short-sighted and missing the point of encryption . Federal Police Commissioner Andrew Colvin said it hampers criminal investigations at all levels.

California bar shooting: Sheriff's deputy killed by friendly fire
At the news conference on Friday, authorities painted a clearer picture of the events leading to Ventura County Sheriff's Sgt. But it was a sixth bullet - one that entered Helus' chest and struck his heart - that proved fatal.

NHL Teams Suffering "Vegas Hangover" After Playing Golden Knights at the Fortress
Pierre-Edouard Bellemare lit the lamp for the fourth time this season 2:33 into the third period for the Golden Knights. Nicklas Backstrom , Chandler Stephenson , Tom Wilson , Evgeny Kuznetsov and Nic Dowd scored the goals for Washington.

Hostages die in foiled Brazil bank robberies
Brazilian authorities say that at least 12 people have been killed in two attempted bank robberies in Milagres downtown area. Secretary of Security delegate André Costa told Brazilian broadcaster Globo that two suspects were arrested.

From dream to nightmare: Afghan 'Little Messi' forced to flee
Murtaza's family belongs to the Shiite-denominated Hazara ethnic group, who were targeted by the Sunni Taliban in the attacks. Barcelona forward Messi, a UNICEF goodwill ambassador, met with the youngster after the image emerged 2016.

Marvel Ultimate Alliance 3: The Black Order Announced Exclusively for Nintendo Switch
You can play with up to four players via a local wireless network, pair four Joy-cons on a single Switch, or even play online. Marvel Ultimate Alliance 3: The Black Order will be released exclusively on Nintendo Switch in 2019.

€1 Million Italdesign Nissan GT-R50 Officially Confirmed For Production
Buying one requires €990,000 Euro , or nearly $1.13 million Dollars , which is enough to buy 11 base model 2019 GT-Rs. Nissan will make only 50 of the cars, and each of them will sell for 990,000 euros before taxes and options.