China trade talks to continue in DC

China Trade Surplus with US Grew Sharply in April

According to media reports, the Trump administration has raised the demand that China lowers its current annual trade surplus of about $379 billion by around $200 billion. The growing trade surplus comes at a time of escalating friction between Beijing and Washington over the imbalance.

China's April imports jumped 21.5%and its exports grew 12.9% against the prior year-ago period.

US officials traveled to Beijing last week for talks with their Chinese counterparts to resolve the issue but made little progress.

"We believe this shows the United States wishes to reach a consensus with China on trade issues", ministry spokesperson Geng Shuang said at a regular media briefing.

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Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018.

On Tuesday morning, Mr. Trump tweeted that he would talk with Chinese President Xi Jinping at 8:30 a.m. ET.

"We are working on something that we think will be great for everybody", White House press secretary Sarah Sanders told reporters on Monday without giving further details on the negotiations.

China's trade surplus with the USA totaled $80.4 billion in January-April, up from $50 billion in the same period a year ago. Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer, Assistant to the President for Economic Policy Larry Kudlow, and Assistant to the President for Trade and Manufacturing Policy Peter Navarro were all on the trip.

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China's exports rebounded more strongly than expected last month after a surprise drop the previous month, suggesting global demand remains relatively resilient and providing a cushion to the economy amid a heated trade dispute with the United States.

Imports in April also showed robust growth of 22% from a year ago, up to USD171.7 billion.

Economists at ANZ said some Chinese exporters might be accelerating electronics shipments amid the tariff threats. China's communist leaders have countered by outlining $50 billion in US goods that they would target with retaliatory duties.

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