China trade surplus with US dropped 8.5%

shaheennews

China’s trade surplus with the United States narrowed last year to around $295.8 billion in 2019, down 8.5 percent from the previous year’s record $323.3 billion, official Chinese data showed Tuesday.

As the world’s two biggest economies exchanged punitive tariffs in a bruising trade war, the Trump administration branded China a currency manipulator in August, accusing Beijing of devaluing its currency to make exports more competitive.

The currency manipulator label is now removed by the US Treasury in its semiannual currency report, which had been delayed three months by the US administration until commitments from China on currency could be secured.

//Petra//