UPDATED 9:55 AM PT — Monday, January 14, 2018
China’s annual trade surplus with the U.S. has hit a record high despite increased tariffs and what appears to be a slowing Chinese economy.
According to reports, China’s surplus with the U.S. is up $323 billion over last year, which is the highest on record going back to 2006.
Imports from China reportedly increased more than 11-percent, while exports from the U.S. to Beijing barely rose one-percent. However, Chinese exports overall reportedly dropped more than four-percent as imports slumped even more — leading some to believe the world’s second largest economy is struggling.
“The external environment remains complicated and severe, and there are still lots of uncertainties and factors of instability, plus the factors like a higher base, the foreign trade growth may slow down somewhat,” said Li Kuiwen, spokesman for China’s General Administration of Customs.
Chinese officials say they believe the large surplus is because the U.S. and China are at different developmental stages.