Trump ‘ready to go’ with another $267bn of tariffs as China’s trade surplus with US hits record high
China's trade surplus with the US has widened to a record high as President Donald Trump says he is “ready to go” with another $267bn in tariffs.
China's surplus with the world's largest economy hit $31bn in August, up from $28bn the previous month and beating the record set in June, despite China's export growth slowing, customs data has shown.
Trump turned up the heat on the escalating trade war last night and said he could move “very soon” to impose tariffs on $200bn (£155bn) worth of Chinese imports, after a public consultation on the plans concluded earlier this week.
Read more: China threatens to retaliate if Trump imposes fresh tariffs
But in comments made on Air Force One last night, he said tariffs on an additional $267bn in Chinese goods were “ready to go on short notice”.
It would mean nearly all of China's US exports would be hit with new duties.
The country's commerce ministry threatened to retaliate earlier this week if any new measures were imposed.
Read more: US tech firms warn Chinese tariffs could lead to job losses
China's surplus with the US has now risen almost 15 per cent since the start of the year.
China's net surplus for the month was smaller than its surplus with the US – suggesting that it would be running a deficit if trade with the world's largest economy was excluded.