• World Islamic Banking Conference
China’s trade surplus with US hits new record in August

China’s trade surplus with US hits new record in August

China’s trade surplus with the United States ballooned to a new record $31 billion in August despite a raft of US tariffs, official data showed yesterday, adding fuel to the flames of a searing trade war.

The figures were released hours after President Donald Trump threatened to slap tariffs on the totality of Chinese goods imported into the United States, worth half a trillion dollars.

The world’s two biggest economies have been locked in a months-long trade dispute, with negotiations going nowhere and fears that it could damage the global economy. Trump imposed customs duties of up to 25 percent on $34 billion worth of Chinese goods in July, and on another $16 billion in August, triggering swift tit-for-tat responses from Beijing.

But the tariffs do not appear to have dented the appetite for Chinese-made products in the United States. Chinese exports to the United States rose to $44.4 billion in August, a 13.2 percent increase from the same period last year, according to customs data.

Imports from the United States reached $13.3 billion, a two percent increase from the previous year.China’s trade surplus with the United States reached $31 billion in August, an 18.7 percent increase from the same month last year and up from its previous record, $28.9 billion, in June this year, according to customs data.




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