Beijing Wants Enforcement Mechanism in US Trade Deal to Work Both Ways

Beijing Wants Enforcement Mechanism in US Trade Deal to Work Both Ways

According to economists, the figures show a further slowdown in the economy, which is affected by, among other things, the Sino-US trade war, despite a whole series of supporting measures. But forecasters say even if they reach an agreement, this year's Chinese exports will be lackluster.

Its politically sensitive trade surplus with the U.S. narrowed to $14.7 billion for the month from $27.3 billion in January, data from China's customs administration showed.

"Seasonal distortions around the Chinese New Year holiday has added noise to the export data in the past two months, and in our view explain most of the surprise (relative to consensus)", said analysts at Goldman Sachs, whose estimate for a 20 percent export drop was the most pessimistic in the Reuters poll.

A decline in imports indicates domestic demand is weakening.

So that dropped the exports in the second half of a year ago.

Earlier on Friday, White House trade adviser Clete Willems the two countries had made progress in talks but that there was still much more left to be done.

US President Donald Trump has long accused Beijing of manipulating its currency to gain a trade advantage and Washington has been seeking assurances on the exchange rate in the ongoing trade talks between the two nations.

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The White House is planning a summit between Trump and Chinese leader Xi Jinping in Florida later this year.

While China runs the risk of Xi leaving a summit empty-handed if details are not nailed down, Branstad said that United States officials want there to be some flexibility. China's exports to all of its major markets fell across the board last month.

Kudlow, director of the National Economic Council, said the trade agreement "is written down" and was agreed to by a Chinese delegation led by Vice Premier Liu He in Washington in February.

For the first two months of the year, crude imports were 10.8 percent higher than for the same period last year.

Chinese imports of American goods in January and February plummeted 35.1 per cent to USD17.2 billion, depressed by Beijing's retaliatory tariffs and encouragement to importers to buy more from non-US suppliers. The trade surplus had been tipped at US$26.38 billion last month from January's US$39.16 billion.

He also lowered the government's goal for economic growth to a range of 6 to 6.5 percent for 2019, down from about 6.5 percent past year.

The country's global trade surplus was USD43.7 billion. However, the plunge can also be attributed to declining global demands of some goods.

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