Snow Says China Trade Gap Too Big
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US Treasury Secretary John Snow said on Tuesday the US trade deficit with China was too large, less than a week after the government reported that the overall US trade gap hit its second-highest monthly level ever in July.
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BEIJING -- China's trade surplus jumped nearly 33 percent in August to its second-highest monthly level, according to data released Tuesday, adding to pressure on Beijing to ease currency controls and narrow its yawning trade gap.
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America's trade deficit swelled to an all-time high of &#36;55.5 billion in October as imports &#151; including those from China &#151; surged to the loftiest levels on record. Skyrocketing crude-oil prices also contributed to the yawning trade gap.
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WASHINGTON: The US trade gap widened nearly 9 per cent in October to a record $US55.5 billion ($NZ79.13b) as sky-high oil prices helped propel imports into new territory, while industrial output rose as expected in November.
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China's global trade surplus in January rose 22.7 percent compared with the year-earlier period to $19.5 billion, a state news agency reported Friday.
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The US trade deficit widened to a new high of $55.5 billion in October, boosted by high oil prices and record imports from China as retailers geared up for Christmas.
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China&#39;s trade surplus will reach  $250-300 billion in 2007, driven by the country&#39;s price  competitiveness and strong external demand, the top economic  planner said on Tuesday.
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The U.S. trade gap widened nearly 9  percent in October to a record $55.5 billion as sky-high oil  prices helped propel imports into new territory, the government  said on Tuesday, while a second report showed industrial output  rose in November, as expected.
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The gap between US exports and imports hits an all-time high of $671.7bn (Â£484bn) last year, official figures show.
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A record US trade deficit is rekindling the globalization debate.
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U S Treasury Secretary Henry Paulson confronted mixed signals as he arrived in China yesterday for trade talks, with Beijing disclosing a renewed crackdown on pirated goods but also running up a record trade surplus with the United States.
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BEIJING -- Just last month, China announced plans to buy $4.3 billion of U.S. technology as a way to show how serious it is about reducing the ballooning trade gap with the U.S.
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President George W. Bush and U.S. lawmakers on Thursday pressed China for more action to cut its trade surplus but Vice Premier Wu Yi pushed back, saying the Chinese currency was not the main reason for the gap and that Washington should ease high-tech export curbs.
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The U.S. trade deficit widened  unexpectedly in November to a record $60.3 billion, propelled  by the highest-ever oil import bill and a drop in exports, a  government report showed on Wednesday.
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The politically sensitive gap in incomes between China's booming cities and the poor countryside is widening
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Trade Representative Susan Schwab on  Tuesday warned of a growing threat to U.S.-China trade  relations because of protectionist impulses in both countries.
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Chinaâs trade surplus rose to $26.9 billion in June, showing that demand for the countryâs goods remains strong despite concerns about their safety.