China Says It's Implementing Deals Done With U.S. on Trade

Import growth was 3 per cent, the slowest since October 2016, and a fraction of the 14.5 per cent seen in the poll.

China's exports increased far less than expected in November, apparently indicating that slowing global demand outweighed any gains from a rush to ship goods to the United States ahead of a now-postponed January 1 increase in Washington's import tariffs.

"Moderating global momentum, the stronger dollar and protectionist trade policies will keep weighing on exports in the near-term, while sturdy domestic demand and limited spare capacity keep import growth healthy - further widening the deficit", Jake McRobie and Gregory Daco, economists at Oxford Economics, said in a report. Imports of iron ore fell for a second time, reflecting waning restocking demand at steel-mills as profit margins narrow.

USA 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.

There's no official, confirmed statement of what China agreed as part of the deal, although U.S. President Donald Trump tweeted that China had already agreed to lower tariffs on American cars, and Bloomberg reported on Wednesday that China was preparing to restart imports of U.S. soybeans and LNG.

US President Donald Trump on Friday sounded an optimistic note about trade negotiations with China as his top economic advisers downplayed friction from the arrest of Meng Wanzhou.

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Since then, the two countries have exchanged several rounds of trade duties on hundreds of billions of dollars' worth of goods. China had been the largest purchaser of USA soybeans, buying $12.25 billion worth of that product in 2017.

"China talks are going very well!"

In a note, analysts at Haitong Securities in Shanghai said "Growth in shipments of Chinese goods on US$200 billion tariff list has started to pull back, indicating that frontloading effects may be starting to recede".

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 US leaders over their ongoing trade dispute.

China's trade surplus with the United States was $35.55 billion in November, a record high and compared with $31.78 billion in the preceding month.

High Chinese retaliatory tariffs on US soybeans have caused the USA exports of soybeans to drop by as much as 97 percent.

For trade with all countries, China's surplus was $44.74 billion for November, compared with forecasts of $34 billion and October's surplus of $34.02 billion. Despite those new tariffs, the trade gap with China also widened in October, increasing by $700 million to $38.2 billion.

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