UPDATE - US Monthly Trade Deficit With China Drops To Five-Year Low
Mohammad Ali (@ChaudhryMAli88) Published May 10, 2019 | 01:35 AM
WASHINGTON (UrduPoint News / Sputnik - 10th May, 2019) The monthly US trade deficit with China fell to $20.7 billion marking a five year low, Commerce Department data revealed on Thursday.
Data from the Commerce Department's Census Bureau shows that the US trade deficit with China fell to $20.74 billion in March, the lowest it has been since March 2014 when the deficit hit $20.48 billion.
The Coalition for a Prosperous America (CPA) said in a press release that the low monthly deficit indicates that the Trump administration's tariffs on Chinese imports is having a substantial impact on US trade flows.
CPA Chief Michael Stumo said in the release that the tariffs are giving US industries a fair fight against heavily subsidized competition from China's state-owned enterprises.
He added that they expect the next round of tariffs to have a positive effect to improve the US economy and address issues with China's ongoing economic practices.
On Wednesday, a notice published in the Federal Register revealed that the United States is poised to hike import tariffs on Friday on $200 billion worth of Chinese goods. China has threatened to retaliate with reciprocal measures.
The United States and China have been embroiled in a trade dispute since last June, when Trump announced the imposition of 25 percent tariffs on Chinese goods worth $50 billion in a bid to fix the US-Chinese trade deficit. Since then, the Washington and Beijing have exchanged several rounds of trade tariffs.
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