China recorded a trade surplus of $20.96 billion against the US in February
Though the number is slightly below that in January, it’s still at an elevated level compared to recent times.
Last year, China recorded its largest trade surplus against the US in a calendar year — at $275.81 billion.
Yesterday, Trump has said that China has been asked to develop a plan to reduce its trade surplus with the US — though he did not give any details on how such a request will be accommodated.
China has been asked to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States. Our relationship with China has been a very good one, and we look forward to seeing what ideas they come back with. We must act soon!
— Donald J. Trump (@realDonaldTrump) March 7, 2018
Although I’m not sure how much of a difference a $1 billion reduction will make given how big the trade deficit US has with China.
Either way, this is going to be one of the more closely watched data points in the coming months on the trade front.