It looks like President Donald Trump’s trade war isn’t achieving its primary objective of wiping out the trade deficit. In fact, it has surged to an all-time high.
According to Reuters, using the latest customs data, China’s trade surplus with the U.S. soared to $323.32 billion in 2018, up from $275.81 billion in 2017.
Last year, Chinese exports to the world’s largest economy increased 11.3 percent, while imports from the U.S. edged up 0.7 percent.
Winning!
Meanwhile, China’s trade situation is deteriorating. In December, the nation’s total exports fell 1.4 percent to $221.25 billion and total imports declined 10 percent to $164.19 billion.
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