China’s trade surplus with U.S. hits record $31 billion

Shipping containers stand March 23 in a terminal at the Yangshan Deep Water Port in Shanghai. New data show the U.S. goods deficit with China in the seven months through July this year widened about 8 percent to $234 billion from the same period in 2017

Trump signals escalation of trade war with China, says he has tariffs ready on another $267-billion of imports

But President Trump proposed a solution on Twitter.

China's exports to the United States rose 13.2 percent in August from a year earlier, accelerating from an 11.2 percent increase in July, the Journal reported based on its calculations from customs data.

The public comment period ended Thursday on proposed tariffs that could range from 10% to 25% on some $200bn worth of Chinese goods, including multiple seafood items, such as re-processed salmon and tuna as well as red swimming crab.

The two sides launched another salvo on August 23, imposing duties on Dollars 16 billion worth of products from each country.

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Going on further offensive in the trade war between the United States and China, U.S. President Donald J. Trump said he was "ready to go" for another $267 billion in Chinese goods, which would come on top of the tariffs on $200 billion in the Chinese goods already targeted, according to a report by Bloomberg.

Professor Yu Miaojie, deputy dean of Peking University's National School of Development, also felt that tariffs on US$267 billion of Chinese goods would be quite unlikely. Beijing reported a record $275.8 billion trade surplus with the United States previous year.

The President believes that the easiest way to mitigate this is to manufacture products in the US.

Trump, speaking on Friday aboard Air Force One, said the administration had tariffs planned for an additional $US267 billion ($A376 billion) worth of Chinese goods. The Mac Mini, cables and adapters, chargers and even cases for laptops and mobile devices could be hit by the tariffs, the company said. Some components for Apple products, including glass from manufacturers like Corning, are made in the United States, the company has said.

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Imports, a key gauge of the strength of China's domestic demand, grew 20 percent, beating forecasts.

"Semiconductors are America's fourth-largest export, and our industry has a global trade surplus of over $6 billion and a surplus with China of close to $2 billion in 2017", Intel's letter said.

That resulted in China posting a smaller overall trade surplus of US$27.91 billion for the month.

In addition, the chip industry is a source of trade surplus for the USA, including with China, Intel argued. Analysts had expected the surplus would rise to US$31.79 billion from US$28.05 billion in July.

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