China’s trade surplus with United States hits record $31 billion

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Trump said the tariffs on $200 billion of Chinese goods could "take place very soon depending on what happens with them".

Here's the scorecard on Trump's trade war with China.

Global exports increased by 9.8 percent while its imports rose by 20 percent compared to the same month past year, according to customs data.

On Friday, Trump he was ready to step up pressure by raising tariffs on yet another $267 billion list of Chinese imports. Trump has had Beijing in his crosshairs since he took office, and has applied increasing pressure to try to convince the country to change its policies, allow more imports and reduce the $335 billion USA trade deficit.

The tariffs that Trump has imposed, and threatened to impose, total $517bn - more than the $505bn in Chinese goods that entered the country a year ago.

The figures were released hours after President Donald Trump threatened to slap tariffs on the totality of Chinese goods imported into the United States, worth half a trillion dollars. In the past Trump has allegedly assured CEO Tim Cook that the iPhone wouldn't be affected, but the leader has reversed course on other promises in the past.

Mobile phones aren't amongst the products, but they would be captured if Trump puts into effect the $267 billion list he warned about.

The United States is negotiating with Canada this week to try and finalize a deal to modernize the North American Free Trade Agreement, an outcome some in the White House say will allow Washington to turn up the heat on Beijing.

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The move risks raising tensions between the world's two largest economies. "That changes the equation".

"Soybean farmers are not real happy about the tariffs but recognize the need to do something about China". Now, the Trump administration "has begun to hit things clearly not processed in the US - consumer goods - and this is going to get people's attention".

"If USTR were to impose a 10-25 percent additional duty on networking products and accessories, it would cause broad, disproportionate economic harm to US interests, including our companies and USA workers, our customers, USA consumers, and broader US economic and strategic priorities", the letter reads.

White House economic adviser Larry Kudlow said on Friday the U.S. wants to build a "coalition of the willing" to take on China that would include the EU, Japan and other allies.

China's trade surplus with the USA has, therefore, risen almost 15 percent from January to August 2018. The Shanghai market is down roughly 23 percent in dollar terms so far this year while the Dow has risen almost 5 percent.

Despite several rounds of talks between USA and Chinese officials, the two countries have made little progress toward resolving their differences.

Away from trade developments and emerging market turmoil, attention will be directed towards the U.S.jobs report coming out later today which will offer fresh insight into the health of the US employment sector.

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