Countries with the largest trade surpluses (in proportion to their economies) tend to have large budget surpluses and massive foreign exchange intervention (Norway, Singapore).
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The US has historically run budget deficits much more often than it's run surpluses, and the deficits were substantially larger than those rare surpluses as well.
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The city's TIF districts pumped out $113.6 million in surpluses so far this year, but in 2011 produced only $40,000 in surpluses, according to the city.
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Treasury said Germany, Japan and South Korea remained on the monitoring list because of material current account surpluses and significant bilateral trade surpluses with the United States.
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Treasury said that China, Japan, South Korea and Germany all had large bilateral trade surpluses — at least $20 billion with the United States — and material current account surpluses.
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Some proponents also argued that the United States would run large surpluses in its trade with Mexico; in fact, after its 1995 financial crisis Mexico began running surpluses instead.
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Using the current-account metric, we award one "manipulation point" to countries with surpluses at the 3% threshold, two points to economies with surpluses at 6% of GDP, and so on.
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The IMF, in its annual External Sector Report, which assesses exchange rates and current account surpluses and deficits, also said current account surpluses and deficits are becoming increasingly concentrated in advanced economies.
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Those countries, along with China, were all listed on the Treasury Department's semi-annual currency report's "monitoring list," which tracks currency market interventions, high global current account surpluses and high bilateral trade surpluses.
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Those countries, along with China, were all listed on the Treasury Department's semi-annual currency report's "monitoring list", which tracks currency market interventions, high global current account surpluses and high bilateral trade surpluses.
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It also noted the city's operating surpluses in fiscal 2015.
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After all, Germany's trade surpluses have been controversial for years.
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Japan, Turkey and Mexico also boast robust surpluses (see chart).
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Valid point in making the case for lower primary surpluses.
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The federal budgets soared from big deficits to astounding surpluses.
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It has posted just two trade surpluses since October 2014.
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They have had to deal with low prices and surpluses.
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Trade surpluses create jobs, on net, and grow the economy.
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It does not pay dividends; surpluses remain with the company.
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Greece could pay those costs if creditors accepted lower surpluses.
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It has posted just two trade surpluses since October 4.493.
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"Germany runs major current account surpluses with the U.S. and refuses to find ways to increase domestic demand to correct for the imbalances these surpluses have created," posited Szabo in emailed comments to CNBC.
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Those economies are piling on their U.S. trade surpluses with abandon.
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Current account surpluses in recent years have helped reduce external debt.
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We have trade deficits, they have surpluses that would be unbelievable.
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They can also expect the government to hoover up unexpected surpluses.
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He said talks on reducing the targeted primary surpluses must continue.
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Fitch expects current account surpluses to persist in 2017 and 2018.
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German government-budget surpluses have piled on top of this glut.
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During peace and prosperity, like the Roaring '20s, surpluses magically appeared.
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Canada has only recorded two monthly trade surpluses since October 2014.
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Current account surpluses and capital inflows have strengthened Iceland's external finances.
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The country has posted just two trade surpluses since October 2014.
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Conversely, countries that are exporters of capital run current account surpluses.
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But did you know that New Orleans runs huge trade surpluses?
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The notion that surpluses could cause economic downturns flips conventional thinking.
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However, most countries that run seafood trade surpluses are developing countries.
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There are teacher shortages in some schools and surpluses in others.
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That would raise their import demand and cut down trade surpluses.
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Both countries have large bilateral trade surpluses with the United States.
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Negotiations to resolve differences faltered amid tensions over trade surpluses and deficits.
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Yet both China and Germany are mercantilist powers that run trade surpluses.
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Now Mr Tsipras has agreed to primary surpluses of 22014% until 216.
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The United States used to have regular trade surpluses until the 2500s.
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But by the 1880s, the country was simply piling up budget surpluses.
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That would make the currencies of countries with account surpluses more positive.
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All we need to do is expand that template to cover surpluses.
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Keynes's scheme would also penalise countries for hoarding by taxing big surpluses.
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So China's vast surpluses in part reflected its extraordinary propensity to save.
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Then deficits in bad years are offset with surpluses in good years.
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The state has posted some of its first budget surpluses in decades.
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As a result, they run trade surpluses while we run trade deficits.
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We succeeded: The last eight state financial forecasts have projected budget surpluses.
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The Chinese did not steal trillions of dollars in their trade surpluses.
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But at that time, the federal government was racking up budget surpluses.
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Consider the case of Japan, which used to run large trade surpluses.
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Maybe the economic boom caused the surpluses, not the other way around.
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In countries with surpluses, investors are more comfortable holding longer-term securities.
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IF TRADE DEFICITS ARE GOOD, THEN HOW CAN TRADE SURPLUSES NOT BE HORRIBLE?
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Yet the magnitudes of those surpluses and deficits can be small or large.
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Boasting vast current account surpluses, both Switzerland and Japan have hefty assets overseas.
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"Maintaining high primary surpluses has an adverse affect on GDP growth," he said.
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Demand has its limits and we cannot eat our way through such surpluses.
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Those surpluses drain demand from healthier economies, as consumers' spending is redirected abroad.
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We have trade surpluses when it comes to service businesses and intellectual property.
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Beijing is also recycling some of its trade surpluses via direct investments abroad.
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Strong current account surpluses and capital inflows since 21000 have strengthened external finances.
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Presumably good, tough trade policies would bring surpluses, or at least reduced deficits.
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Of course, the story of Germany's trade surpluses has a twist — the euro.
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Before 2010, Social Security ran annual surpluses of payroll taxes over benefit checks.
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It has the reserves, the surpluses and the growth to shape the world.
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You didn't use budget surpluses in the 1990s to invest in the future.
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High savings rates in Asia continue to translate into large current-account surpluses.
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That's not impossible: Britain ran surpluses that big for several decades after Waterloo.
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Germany has in recent years been another word for economic strength, as the country has enjoyed record high employment rates, unprecedented trade surpluses, government budget surpluses and been the economic anchor of Europe for the better part of the last decade.
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The surpluses should allow for "a progressive reduction of external debt levels," it said.
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Measurement error aside, global trade balances; surpluses in some countries offset deficits in others.
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In the early 1990s, surpluses and deficits were each around 0.5% of global GDP.
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Large surpluses can be a side effect of very high savings rates, for example.
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And in Europe, recovery has been built atop large and growing current-account surpluses.
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German bunds are rock-solid, but in short supply thanks to German fiscal surpluses.
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He has also criticized Japan for running large trade surpluses with the United States.
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Stournaras said high taxation coupled with high primary budget surpluses could hinder the recovery.
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However, the build-up in FX reserves and current account surpluses provide significant buffers.
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They may also be incorrect, with China's current account surpluses understated as a result.
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One criticism is the focus, both by Congress and Treasury, on bilateral trade surpluses.
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Increased car production capacity allowed Slovakia to record current account surpluses in 2012-2015.
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As Germany accumulates growing trade surpluses, it is also a net exporter of capital.
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It would be required only to replace maturing debt, given Athens' predicted fiscal surpluses.
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Eventually we'll have to run commensurate surpluses to make up for what we've spent.
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Crude oil is in a tailspin on fears global surpluses could flood the market.
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I can run persistent trade deficits with restaurants because I run trade surpluses elsewhere.
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So let's look at the metros with the biggest goods trade deficits and surpluses.
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We have budget deficits, not surpluses, and lots of unmet needs for future spending.
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Whatever the near-term benefits for particular American exporters, Japanese trade surpluses kept rising.
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The last time we saw federal budget surpluses was in the later Clinton years.
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If that was the world's balance of payments, Asian surpluses would cover American deficits.
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South Korea has had monthly trade surpluses with the United States since August 2011.
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Indeed, the country has run trade surpluses in seven of the last eight months.
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What the global regime can't handle however is the existence of massive trade surpluses.
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Not all countries can run current-account surpluses (which must be matched by deficits elsewhere).
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And China is running huge trade surpluses, bringing in a steady inflow of foreign money.
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Sliding treatment charges suggest less availability of concentrate, while a rising number would mean surpluses.
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Gabriel warned politicians against seizing on current German government surpluses to demand more government spending.
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But some economists note that Germany has tended to run larger surpluses than first projected.
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Surprise trade surpluses in February and March have made some economists anticipate a loosening cycle.
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The government continually reviewed economists' recommendations and examined ways to reduce the surpluses, she added.
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So would things like better roads, to allow for the carriage of surpluses to markets.
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The latter typically involves using persistent, large trade surpluses to acquire foreign reserves, often dollars.
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Trade deficits and surpluses are nothing more nor less than borrowing and lending between countries.
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Germany and the Netherlands, sporting large budget surpluses and falling debt, do not need support.
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Chinese trade surpluses have come way down; meanwhile, the U.S. no longer has high unemployment.
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Last year, 23 states had surpluses, according to the National Association of State Budget Officers.
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When some countries are accumulating massive reserves of financial assets, they have surpluses as well.
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The result is Germany has one of the world's largest trade and current account surpluses.
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The Chinese are simply recycling their current account surpluses in the form of capital outflows.
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Those would be appropriate economic policies for a country running large and systematic trade surpluses.
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TDC generated surpluses in excess of budget in each of the four years to FYE16.
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East Asia's $600 billion to $700 billion in annual trade surpluses should not be tolerated.
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But he assumes that the government always can and will run these surpluses as needed.
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Anticipating calls for looser fiscal policies and a decreased reliance on its mercantilist policies, Germany served notice that it would continue to run budget surpluses, and that U.S. President Donald Trump should be told that German trade surpluses are just the way it is.
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With German social trust funds currently running sizeable cash surpluses, it would even be possible to expand Germany's traditionally strong automatic stabilizers and merely run down these surpluses, rather than relying on new debt issuance to finance much of a countercyclical fiscal stimulus in Germany.
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But beyond the protection they provide, surpluses help oil the rusting wheels of Germany's coalition politics.
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Starting from 2012, Germany has been exceeding that goal and has even had surpluses from 2013.
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He also noted that it has surpluses in its trade account, current account and fiscal account.
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Outside China, Chung favors countries with current account surpluses, such as Taiwan, South Korea and Thailand.
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Others emphasize the influence of complex and hierarchical human societies, and agricultural surpluses to be raided.
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Germans did not negotiate; they ran down China's trade surpluses 27.1% over the last three years.
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If a country is persistently running current-account surpluses, its currency is probably undervalued; deficits, overvalued.
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You also acknowledge that a number of smaller northern European countries run large surpluses as well.
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Ireland, Portugal and Spain ran current-account deficits before the crisis, but are now running surpluses.
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Countries running large and systematic trade surpluses should stop living off the rest of the world.
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The Swiss and Norwegian currencies look dear, for instance, but both countries have big trade surpluses.
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For it is India's misfortune that Donald Trump's America is its biggest source of trade surpluses.
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China's decades of surpluses reflected the fact that for years it saved more than it invested.
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As vehicles sell, the retailer plans to replenish inventory by drawing from surpluses at other dealers.
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That follows 11 months of trade surpluses and a strong rebound in agriculture following severe drought.
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On the other side of the global ledger are countries that consistently run big trade surpluses.
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MPB0-3 FUNDAMENTALS: A deficit is feeding lead's rally, but there are surpluses on the horizon.
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Of course, most countries in the situation we're imagining here aren't already running big trade surpluses.
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The Czech Republic ran public finance surpluses in the past two years, allowing looser fiscal policy.
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Here are some suggestions: First, give up on the obsession with bilateral trade deficits and surpluses.
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Non-life reinsurance underwriting profits fell in 1H17 due to lower surpluses from prior-year reserves.
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Witness the confused German defense of their trade surpluses during last week's international meetings in Washington.
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Fitch expects fiscal policy to remain conservative and focused on generating surpluses for debt repayment purposes.
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Instead many countries in the emerging world, including China and Taiwan, are investing huge surpluses abroad.
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Ju/'hoansi do not accumulate surpluses; they get all the food they need, and then stop.
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Both parties remain committed to budget surpluses and the independence of the Reserve Bank of Australia.
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Today, that proposal would result in only eight years of surpluses and 44 years of solvency.
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Though surpluses are strong now, legislators are increasingly nervous that the good times will end soon.
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Germany now generates 65 percent of its trade surpluses on the back of other EU members.
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Why impose an austerity budget that punishes the city when the state has ample budget surpluses?
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And talk they will since they know they can't keep getting away with massive trade surpluses.
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Asia's trade surpluses with the United States were firmly in Trump's sights during the election campaign.
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The Congressional Budget Office in 2001 was projecting $5.6 trillion in budget surpluses over 10 years.
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Trade surpluses are viewed as encouraging trade protectionism and worsening the economic problems of other countries.
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States hoping they'd see their first surpluses since the recession are instead grappling with projected deficits.
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Budget surpluses were returned to voters as handouts, instead of reinvested in transportation, schools and hospitals.
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First, in the early 2628s, the budget surpluses went away, and deficits came back and festered.
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Its excessive, by far the world's largest, trade surpluses are a burden on its EU partners.
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There's no waste of large surpluses of energy or the need to develop seasonal energy storage.
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The IMF's External Sector Report - an annual assessment of currencies and external surpluses and deficits of major economies - showed that external current account deficits were becoming more concentrated in certain advanced economies such as the United States and Britain, while surpluses remained persistent in China and Germany.
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The period also marked the turning point when America switched from trade surpluses to persistent trade deficits.
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Ross and other Trump administration officials have complained about Germany's persistent trade surpluses with the United States.
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At the same time, Japan was enjoying annual trade surpluses with the U.S. of $67-$19723 billion.
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In Budget 21000 Update the government projects continued surpluses, but at more modest levels than last year's.
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One day, when enough elderly Germans actually cash in their savings, German surpluses will turn to deficits.
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That is, we must urge countries that are running persistent and unjustified trade surpluses to stop it.
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Their surpluses hold a wider lesson: the attempt to pin underspending on some "Germanic" features is misleading.
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Years of strong production of oil, base metals and grains left the global economy with huge surpluses.
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Spain's public debt is 115 percent of GDP, with virtually no primary budget surpluses to speak of.
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Indeed, China cannot refuse to cut down its excessive and unsustainable trade surpluses on American goods trade.
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This "currency manipulation" gives other countries a competitive edge, raising their own trade surpluses and America's deficit.
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So, should this happen, let's have a discussion again 12 months later to renegotiate the primary surpluses.
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Due to the strong economy, German authorities can count on record budget surpluses in the coming years.
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Emerging Asian economies generally run large trade surpluses, leaving them vulnerable to the vagaries of international demand.
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But it won't work, and for a very simple reason: There are no incredible surpluses to recapture.
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The trusts (funded by past years' tax surpluses) generate interest and act as a stopgap funding pool.
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Since the balance of payments of the world has to balance, these surpluses are other countries' deficits.
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That is why you sometimes hear that countries running systematic trade surpluses live off their trade partners.
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Germany's enormous surpluses mean that its households are buying less from other countries than they ought to.
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But its flagging economy has led state-owned steelmakers to sell their growing surpluses on foreign markets.
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Of the next eight most-interested countries, six are EU members that have trade surpluses with Britain.
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They generate trade surpluses and, as a result, accumulate progressively more savings than they invest at home.
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And running trade surpluses isn't a sign of success, nor is running deficits a sign of failure.
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The result is huge current-account surpluses in Germany and the Netherlands of 7-10% of GDP.
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The Qatar Investment Authority was founded in 2005 as a vehicle to invest revenue from budget surpluses.
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He could tinker with the definitions of "material" and "significant" trade surpluses to justify a manipulation charge.
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The finance ministry expects to maintain surpluses overall before a return to a slight deficit in 20193.
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Because of demographic trends specific to each plan, some are running surpluses, while others are in deficit.
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This led to budget surpluses, falling debt-GDP ratios, and a boom economy in Clinton's second term.
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The growing debt, along with constrained budget surpluses, is likely to lead to deterioration in debt service.
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Sadly, the Chinese and the Europeans are ready to fight to keep their surpluses on U.S. trades.
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It is clear that we cannot rely on export markets to take our surpluses off our hands.
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And Germany is not alone; Sweden, Switzerland, Denmark and the Netherlands have been piling up big surpluses, too.
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That imparts a deflationary bias throughout the zone: almost all euro-area countries now run current-account surpluses.
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He sees other countries' trade surpluses with America as evidence of a "big currency manipulation game" (see article).
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The target of Trump's ire is China, whose capacity expansions have helped add to global surpluses of steel.
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Although Fitch expects it to decline in coming years as primary surpluses strengthen, it will remain above peers.
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A former mayor of Sao Paulo, Haddad said he supports inflation targeting, floating exchange rates and budget surpluses.
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Unemployment is below 5 percent, and employers in many states are complaining about labor shortages, not labor surpluses.
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That would have shown Beijing's determination to substantially run down its excessive, and unsustainable, surpluses on U.S. trades.
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If America's overall trade deficit were balanced, we'd still have deficits with some countries and surpluses with others.
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But it kept China, South Korea, Taiwan, Germany and Switzerland on a monitoring list for large external surpluses.
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It must run primary surpluses of 3.5% of GDP until 2022, and an average of 2.2% until 2060.
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CAVUTO: All right, but, obviously, you referred to the Clinton years, of course, when we did see surpluses.
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A decade ago Algeria posted healthy surpluses; last year it ran a deficit equal to 9% of GDP.
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Governments running external surpluses, balanced public sector accounts and stable prices are expected to stimulate their domestic demand.
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Mr Baraka inherited a $93m deficit in 2014, but has piled up surpluses in the past two budgets.
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Friday marked the first time Canada had posted back-to-back trade surpluses since November and December 2016.
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Friday marked the first time Canada had posted back-to-back trade surpluses since November and December 23.8.
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Opinions differ about what turned the tide, of course, but this election bloodbath was followed by budget surpluses.
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He has criticized Japan as well as China and Mexico for running trade surpluses with the United States.
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But analysts see the currency as undervalued by about 5-10 percent given economic growth and trade surpluses.
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So we're not going to sign on the dotted line any agreement which involves 3-3.5% primary surpluses.
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In the late 85033s, the country had budget surpluses, and the trade deficit was as high as ever.
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We can help the U.S. grow its exports, create larger trade surpluses, and put more Americans to work.
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The net international investment position is strong, supported by current account surpluses above 8% of GDP since 2011.
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The improved storage allows farmers to store surpluses longer, and wait for market prices to rise before selling.
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The sugar market has soared recently, underpinned by a shift into a global deficit after years of surpluses.
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Bahrain, vulnerable because of its slim oil surpluses, is now rated junk by both S&P and Moody's.
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The current account posted large surpluses in the first three quarters of 2016, averaging over 12% of GDP.
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If anything, much of the time it's the reverse: fast-growing regions run deficits, stagnating regions run surpluses.
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These reasons include differences in interest rates and varying investment flows, as well as trade surpluses and deficits.
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"If you listen to Trump carefully, he wants to go after countries with high trade surpluses," he added.
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Fitch forecasts current account surpluses to persist in 2017-19, albeit at lower levels, averaging 3% of GDP.
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Hong Kong's economy generally grew at a stable pace under Tsang and the government recorded surpluses every year.
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Hemphill said the rules did not allow the company to recognize capital surpluses in some of its businesses.
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The government which came to power in 2017 has been running big surpluses in the last two years.
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Scholars have long suggested that surpluses of men in China and India will destabilize society and increase violence.
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And continuing fiscal surpluses meant a falling supply of Treasury bonds, the bedrock of the global financial system.
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Back in 2001, Congress believed the federal government was facing surpluses as far as the eye could see.
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The Fund's External Sector Report - an annual assessment of currencies and external surpluses and deficits of major economies - showed that current account surpluses remained centered in the euro area and other advanced economies such as Singapore, while deficits remained persistent in the United States, Britain and some emerging market economies.
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The Fund's External Sector Report - an annual assessment of currencies and external surpluses and deficits of major economies - showed that current account surpluses remained centred in the euro area and other advanced economies such as Singapore, while deficits remained persistent in the United States, Britain and some emerging market economies.
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But she and her compatriots need to understand that Germany's surpluses are themselves a threat to free trade's legitimacy.
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The trade abuses study will focus on those countries that have chronic goods trade surpluses with the United States.
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Farm Africa and its partners will help Tanzanian and Ugandan smallholders store their surpluses of rice, maize and beans.
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But an urgent trade consultation with countries running large and systematic trade surpluses with the U.S. is long overdue.
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FISCAL DISCIPLINE YIELDS MODEST SURPLUSES Fitch considers British Columbia's financial planning and controls to be strong and institutionally embedded.
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Their politically convenient trade surpluses for one; the value of the enormous piles of dollar-denominated assets for another.
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It is expected to come under further pressure from Chinese exports and expectations of large surpluses for some years.
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Demand for biofuel as oil prices rise and surpluses shrink could support values for vegetable oil, sugar and corn.
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It also reiterated his belief that Germany and other economies with budget surpluses should do more to increase investment.
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The government also wants the Reserve Bank of India to transfer more of its surpluses to the public purse.
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Stronger fiscal outturns over the last 18 months give us greater confidence in the sustainability of moderate primary surpluses.
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President Donald Trump professes to admire the strongman politics of Russia, and he covets the trade surpluses of China.
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The current-account surpluses of small countries are frequently lower, partly because of high investment rates in their economies.
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But the target of Trump's ire is China, whose capacity expansions have helped add to global surpluses of steel.
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Being consummate practitioners of realpolitik, the Chinese know that their excessive trade surpluses with the United States are unsustainable.
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The last time Canada recorded trade surpluses for three months in a row was between July and September 2014.
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"Current account surpluses in the economy are generally converted into Swiss francs and no longer invested abroad," she said.
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Germany's 'AAA' IDRs also reflect the following key rating drivers: The general government has registered small surpluses since 2012.
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At that time, oil producing states, like North Dakota and Texas, were "flying high" with budget surpluses and jobs.
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China has surpluses, yes, and more may need to be done, but things are moving in the right direction.
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The Post notes milk and cheese surpluses tend to peak during the summer months, when dairy demand is down.
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An international clearing bank (ICB) would settle the balance of transactions that gave rise to trade surpluses or deficits.
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Abandoning its pledge to produce surpluses, Mr Morrison now merely says that the budget will be balanced "over time".
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Critics, though, say spending has grown to generous and will weigh on future budgets, ending the period of surpluses.
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But Mr. Setser in his paper contends that the sharp upswing in East Asian surpluses has been less noticed.
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This huge fiscal consolidation will take a long time, and it will require large and sustained primary budget surpluses.
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The Germans and the Dutch don't want to do that, in spite of their large budget and trade surpluses.
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And modern Japan is a country that really should be running current account surpluses, for one powerful reason: demography.
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But the claim that trade surpluses often reflect weakness, while trade deficits reflect strength, is a very hard sell.
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World demand for American grains had burgeoned, he said, and most of the price-depressing surpluses had been sold.
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Mr. Simon believed that private banks should be left to recycle OPEC's financial surpluses without assistance from the fund.
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The seven biggest American depressions or downturns going back 200 years, she said, were all preceded by government surpluses.
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Canada's second most populous province has been using budget surpluses driven by a strong economy to pay down debt.
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They include hefty foreign exchange reserves, large net overseas investments and large trade surpluses with other nations. S.&P.
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Historically, we've tended to run big deficits when the economy is weak, smaller deficits or surpluses when it's strong.
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They denounce Mr. Trump's tariffs without proposing any plausible means of counterbalancing the huge surpluses from China and Germany.
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Even in a country with minimal unemployment, large surpluses and steady growth, anger at the mainstream consensus was evident.
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Japan ran trade surpluses for 30 consecutive years until 2011, but that did not prevent its economy from sputtering.
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And then he offered a new definition of fiscal policy by calling systematic budget surpluses an expansionary fiscal stance.
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An equally serious issue is that countries with large and systematic trade surpluses are also running inappropriate economic policies.
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In other words, China is recycling its U.S. trade surpluses in the form of soaring investments around the world.
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The U.S. decided in August 11.2.23 to cease dollar redemptions for gold by countries running dollar-denominated trade surpluses.
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Often soldiers would borrow amounts that gave them cash surpluses above the value of the houses they were buying.
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Just as they expected, the Chinese, the Japanese and the Germans are pocketing increasing surpluses on their U.S. trades.
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Yet the surpluses this success has brought are a bone of contention that affect Germany's relations with its peers.
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Conversely, our major trading rivals pursue strategies to ensure persistent trade surpluses and promote the offshoring of U.S. manufacturing.
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Sovereign wealth funds (SWFs), which reinvest surpluses from commodity exports or trade, have about $22016 trillion under management globally.
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Put another way, trade deficits are always a temporary phenomenon, to be followed eventually by surpluses, and vice versa.
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Gazprom can also deploy surpluses to flood world energy markets with cheap natural gas, forcing prices to drop substantially.
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And taxes were higher in 2000 than they are today, and the country was running surpluses rather than deficits.
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Most of the surpluses are used for animal feed, in some cases to drive the growth of industrial animal production.
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That is a boon for state finances and external surpluses across the region, especially in Saudi Arabia, the top exporter.
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"Once we deliver the reforms, I think that would be the right time to discuss the primary surpluses," he said.
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Thus, some of the major producers and importers are already considering building up their own surpluses to offset worsening conditions.
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Trump has threatened to target Japanese automakers with high tariffs in his effort to cut trade surpluses with other countries.
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Yet the Trump administration continues to rail against Chinese surpluses and currency manipulation, and has launched an escalating trade war.
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Obsessed with running a balanced budget, Germany has produced surpluses for years, ignoring calls for more spending to boost growth.
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Despite expectations of large surpluses this year and next aluminum prices have hit 15-month highs above $1,700 a tonne.
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Soon, some of his trade experts could tell him that Chinese trade surpluses soared 30% during President Barack Obama's administration.
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After running surpluses every year from 2005-6 to 2008-9, there has been a fiscal deficit every year since.
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It said those countries with trade and current account surpluses needed to work with deficit countries to reduce these imbalances.
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"In 2020...we will have the ability to seek the lowering of primary surpluses to more realistic levels," Mitsotakis said.
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Those funds posting surpluses piled up savings of 13 billion reais ($3.5 billion), also the lowest for the same period.
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They burned up their surpluses feasting together, in camps or villages whose materials decayed a few generations after they died.
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Germany is apparently advocating a soft approach because the Chinese have reduced their surpluses on German trades to negligible amounts.
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Back in 2010, SSA estimated that change alone would give us 14 years of surpluses and 75 years of solvency.
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Unless those surpluses begin to narrow radically in the months ahead, Washington will be pushed to introduce restrictive trade measures.
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The Clinton administration ran surpluses and optimistically projected that federal debt held by the public would soon be paid off.
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They can also be used to track the growth of critical agriculture products and help experts predict surpluses and shortfalls.
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These surpluses created fiscal space for the politically popular tax cuts and spending increases of the George W. Bush administration.
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Some analysts said the market's focus on OPEC's output cuts was overstated, saying its impact on surpluses had been modest.
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Had it saved the surpluses from those years, it would now have a $7.5 billion cushion, according to his calculations.
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Trump has criticized both Germany and China for their trade surpluses with the United States since taking office in 2017.
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Vietnam and the Philippines, which both saw their bilateral surpluses with the United States grow this year, shared similar concerns.
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Nafta led to the creation of the North American services market, which has produced U.S. trade surpluses year after year.
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AMPLE RESERVES Hong Kong usually runs balanced budgets or surpluses, since its pegged currency system commits it to fiscal prudence.
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The Europeans and the Chinese know that they have maneuvered themselves into an untenable position with their excessive trade surpluses.
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Leon Panetta, who helped former President Clinton achieve a balanced budget and surpluses in the late 1990s, said he agreed.
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The American deficit has shrunk, oil exporters' surpluses have dwindled and central banks everywhere have dramatically expanded their balance-sheets.
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Trump has criticised both Germany and China for their trade surpluses with the United States since taking office in 2017.
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The United States also had trade surpluses with both countries in services, which include things like insurance and Hollywood movies.
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Trade with China is politically sensitive as the world's second-largest economy runs surpluses against many of its trading partners.
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After the most recent premium increase in 2010 (only the second in Taiwan's history), the system began to run surpluses.
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Unlike the profligate Latin Americans, for example, the Asian countries had high national saving rates, limited public debt and budget surpluses.
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Germany is admired for a stable economy and holding on to blue-collar jobs but derided for its persistent trade surpluses.
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The IMF counters that Germany's trade surpluses are bigger than can be justified or than is desirable for global economic stability.
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Similarly, current account surpluses for the four strongest GCC economies - Saudi Arabia, the UAE, Kuwait and Qatar - are expected to swell.
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Greece has committed to delivering primary budget surpluses, excluding debt servicing, of 3.5 percent of annual economic output up to 2022.
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It's just going to pop up somewhere else, for example, the Vietnamese or the EU surpluses with the U.S. will increase.
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In emerging Europe, the Czech crown rose marginally against the euro after data showed February trade surpluses were higher than expected.
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In February it projected structural surpluses of 1.1 billion francs in 2019, 1.0 billion in 2020 and 1.9 billion in 2021.
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The country has benefited from more than two decades of large current account surpluses, driven by a large net services surplus.
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But the process appears to place less weight on surpluses than on deficits and lacks the means to enforce its recommendations.
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Until recently, big corn surpluses from a series of bumper U.S. harvests had traders selling nearby contracts and buying back months.
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The government needed to draw up a plan to return to surpluses to maintain its top notch triple-A credit rating.
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Thais simply don't like to invest in foreign assets, in contrast with citizens in other economies with sizable current-account surpluses.
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The euro area is in a familiar place: Countries exploiting their neighbors with indecently large trade surpluses are calling the shots.
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However, Fitch expects long debt maturity (14 years) and expected strong operating surpluses will help ensure debt sustainability for 2017-2021.
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On the other hand, having to adjust to a program that produces surpluses, particularly the 3.5% surplus, obviously it affects growth.
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China tops the list of countries who have trade surpluses with the United States, with a $347 billion surplus last year.
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When his presidential campaign launched in 1999, he proposed a large tax cut as a logical response to projected budget surpluses.
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The French prefer flexibility and discretion, and worry about large current-account surpluses and the lack of a mutualised debt instrument.
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Economics also teaches us that when lawmakers attempt to manipulate prices, serious unintended consequences often follow, such as shortages and surpluses.
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He said he does not see a glut occurring in the next few years although the market could see small surpluses.
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Yes, the U.S. will be watching your progress in reducing excessive trade surpluses with America and the rest of the world.
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Once they cashed out, they paid a windfall to the government, leading to brief budget surpluses that dissipated all too quickly.
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Many academic systems, including Northwestern Memorial HealthCare in Chicago and University of Colorado Health, registered some of highest margins and surpluses.
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And as much as trade surpluses are net contributions to GDP growth, trade deficits are net subtractions from deficit countries' economies.
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Economically, the result was federal budget surpluses and a rising standard of living for every income quintile in the United States.
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He favours the remedy, first proposed by John Maynard Keynes, of forcing creditor countries to adjust by taxing their trade surpluses.
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But Chinese surpluses and American deficits are—as a matter of accounting—the difference between saving and investment in those countries.
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Budget documents also made clear the plan to split surpluses for feeding jail detainees between Entrekin and the county's general fund.
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As in earlier boom-and-bust cycles common for semiconductors, Samsung and its rivals will have to grapple with big surpluses.
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In spite of that, there is nothing in China's official statements to indicate that Beijing intends to bring those surpluses down.
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Lagarde repeated her view that Germany should take steps to reduce its current account and trade surpluses by encouraging more consumption.
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However, policymakers in many economies, especially in Asia, increasingly view trade surpluses as attractive sources of economic growth in all circumstances.
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The savings aggregates in question come from East Asia's surpluses on goods and services trade with the rest of the world.
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Now, with weather warming and refineries beginning their spring maintenance for summer blends, surpluses in gasoline inventories are beginning to ease.
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It urged countries with large trade surpluses, including Germany and the Netherlands, to invest more to help rebalance the exchange rate.
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Fin whales are supposed to be under international protection, and both Iceland and Japan have surpluses of whale meat, he said.
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Indeed, even countries that run huge trade surpluses, like Germany, have seen big declines in manufacturing as a share of employment.
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At that point the weak currency fuels an export boom, and the economy starts a recovery built around huge trade surpluses.
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Germany, of course, did well throughout – largely because its economy was supported by huge trade surpluses, largely at its neighbors' expense.
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Germany — with last year's budget and trade surpluses of 1.7% and 7.4% of GDP respectively — is the ringleader of Europe's mercantilists.
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It doesn't matter if a nation has a trade deficit with China if it has offsetting trade surpluses with other nations.
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Nothing has been conceded to Washington, their surpluses continue to grow, and there is no telling when all that will stop.
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So when their operations generate huge surpluses — as many big medical centers do — they plow the money back into the system.
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Much smaller primary budget surpluses run by Italy and Spain will hardly make a dent into their massive public sector debt.
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That's also why nearly all leading countries and groupings — including the eurozone — have long-run trade surpluses with the United States.
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Those two economies have a few things in common: low inflation as well as large current account surpluses, experts pointed out.
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The city, with its budget surpluses, is sitting on piles of cash that should go to the M.T.A., Mr. Lhota says.
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So at some point the government would be forced to run large enough primary (non-interest) surpluses to limit debt growth.
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Germany is dependent on exports and tends to run trade surpluses around the world — its relationship with China is an exception.
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The mineral SH-CCN-IRNOR83 has surged 70% so far this year and helped deliver a string of record trade surpluses.
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The Swiss and Japanese currencies are often sought in times of global tension partly because the countries have big current account surpluses.
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We gave them, net, a total of $581 billion in trade surpluses as we bought $1.1 trillion of their goods last year.
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It has since recovered to around $1,570, but is expected to again come under pressure from Chinese exports, surpluses and high inventories.
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The Swiss and the yen are often sought in times of geopolitical tension partly because both countries have big current account surpluses.
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Savings: We move monthly budget surpluses into our joint brokerage account and keep a six-month emergency fund in our checking account.
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Just as its massive surpluses of yore had big consequences for the global economy, so does this swing in the opposite direction.
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Berlin has for years posted large trade surpluses and is widely criticized for having pumped too little of them into the economy.
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A narrower government deficit and strong current account surpluses in recent years have allowed a decline in government and net external debt.
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Italy's public debt is an immense 20153% of GDP; countries with debt over 60% of GDP are supposed to aim for surpluses.
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"As such, risks to the government's plan for an earlier return to budget surpluses are significant," the agency said in a statement.
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The government also submitted to parliament its fiscal plan for 2019-2022, projecting higher than targeted primary surpluses on an annual basis.
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On top of that list is motor vehicles, which trade data show both Mexico and Canada running surpluses with the United States.
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Washington has a potential stimulus of $480 billion to draw on – the sum of Chinese, Japanese and German trade surpluses with America.
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In fact, when it comes to trade surpluses vis-à-vis the United States and more broadly, Germany is bigger than China.
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Neither rationale honestly conveyed why Republicans sought permanent, regressive tax cuts, but at least the budget surpluses and the recession actually existed.
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The Swiss and Japanese currencies are often sought in times of geopolitical tension partly because the countries have big current account surpluses.
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When George W. Bush was a candidate for president, he proposed tax cuts as a means of returning budget surpluses to taxpayers.
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To service it Italy, needs to pay almost $80 billion in interest every year, nullifying its efforts in producing constant primary surpluses.
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To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.
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Making matters worse, most municipalities, even those with budget surpluses, like Quebradillas, depend largely on funds from the central and federal governments.
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Following the 2900 crisis, North Dakota had the lowest national default and unemployment rates and was the only state reporting major surpluses.
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Mr. Trump's 2016 campaign was built on demonizing many Latin countries — Mexico in particular — for everything from "unfair" trade surpluses to crime.
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"There are surpluses of energy that are looking for markets," said Brett Sims, Portland General's director of strategic planning and resource strategy.
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Taxes increased, too — bolstering cash flows and creating the trust fund surpluses that have given retirees and current politicians some breathing room.
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These countries' economies looked great on paper—Spain and Ireland were running budget surpluses and had low levels of accumulated government debt.
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Among those countries that, year-in and year-out, have been registering large trade surpluses are Germany, China, Japan and South Korea.
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By being fiscally responsible — I even cut my own pay — we balanced our budget and turned deficits into surpluses without raising taxes.
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Facts First: Trump refers to trade deficits as economic losses, and surpluses as gains, though this characterization is rejected by many economists.
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Berlin has for years posted large trade surpluses and is widely criticised for having pumped too little of them into the economy.
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Peter Bofinger, one of the German Council of Economic Experts, which advises the government, believes there is a simpler explanation for the surpluses.
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Since Trump took power in January of last year, China pocketed $676.6 billion in the form of surpluses on its U.S. goods trades.
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Those policies ended President Bill Clinton's string of budget surpluses, and put us on our current path of endless deficits and soaring debt.
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That has also been driven as some Asian governments look to diversify supply sources and reduce trade surpluses with the world's top economy.
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The province embarked on a successful multi-year fiscal consolidation plan and generated the first of four consecutive operating surpluses in fiscal 200133.
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Somebody has to tell the Germans that they are destabilizing the monetary union with their mega trade surpluses of 8 percent of GDP.
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But you imply that tax in total must keep increasing, with the state collecting, and wasting, all the surpluses created by the economy.
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But when wealthy countries that have massive trade surpluses with us -- massive -- and then on top of that, we're paying for their military?
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This reflects the accumulation of current account surpluses and lower private sector external debt, stemming in part from reduced parental funding for banks.
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As I noted in a commentary for the Financial Times, the quarter-century era of large surpluses in China's current account is over.
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There are political doubts about whether they will get their way, but recent record surpluses do mean that Germany has room for maneuver.
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GREGORY ALEXANDER MARKSNew York The surpluses you identify coincide with the advent of the euro, which undervalues the German currency by some 40%.
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By the time the global financial crisis hit, Australia had enjoyed over a decade of budget surpluses and net debt had been eliminated.
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The stage, therefore, is set for escalating tariffs as the only instrument for addressing China's systematic and excessive surpluses on its U.S. trades.
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Under the scheme, countries that accumulate surpluses in economic good times could spend the money to help cover deficits in countries in recession.
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"Big current account surpluses could (also) support the forint, just like the arrival of delayed EU fund inflows," said Takarekbank analyst Andras Horvath.
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Without that, as has been frequently repeated by U.S. Commerce Secretary Wilbur Ross, China's destabilizing trade surpluses would be back in no time.
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Japan's trade and current account surpluses with the United States will be closely watched as U.S. President Donald Trump pursues protectionist trade policies.
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In the past, when rising surpluses pushed crude prices lower, major producers like Saudi Arabia cut back output to tighten supplies, boosting prices.
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"I could personally envisage a rather different monetary policy for Germany," Schaeuble said, adding low interest rates were pushing Germany's trade surpluses higher.
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But India is trying to emulate China's export-led manufacturing growth in a global economy that is now drowning in China's industrial surpluses.
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Both currencies tend to do well during times of financial market stress, since Japan and the euro zone usually run current account surpluses.
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But one thing should be clear: Dragging on the negotiating process while continuing to accumulate China's huge surpluses on American trades is over.
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The Trade Enforcement and Trade Facilitation Act details several consequences for nations that have devalued their currency and have large current account surpluses.
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The country has returned annual current account surpluses each year since 2003, and in 2015 posted a record surplus of 4.6% of GDP.
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The persistent trade surpluses of Germany and the vast deficits of boomtime Spain, Portugal and Greece are two sides of the same coin.
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"This (debt relief) will be followed by reduced (budget) surpluses after 2018, which will open the way for the economy's recovery," he said.
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Fitch projects that the city will record a deficit before debt variation in 2017-2019 after two years of surpluses in 2015-2016.
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The EU, China and Japan are complaining about the alleged U.S. protectionist policies while continuing to accumulate large surpluses on their American trades.
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But she added that most developing countries now have much better economic fundamentals, with sizable current account surpluses and strong foreign exchange reserves.
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As a result, North Dakota has enjoyed higher loan amounts per capita, greater economic growth and more stable budget surpluses than other states.
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We project budget surpluses of 23530% of GDP in 21103 and 1% for 2017, reflecting a neutral fiscal stance supported by economic recovery.
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The first part was common knowledge: In 2900, the economy was booming, and the government was looking forward to years of budget surpluses.
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China has had consistent trade surpluses, but it did not want its currency to rise in a way that would undermine its exporters.
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That international economics isn't a game in which whoever runs trade surpluses wins, and that disrupting global supply chains can hurt almost everyone.
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The resulting pressure on the public finances results would mean a deficit of nearly 4.5% of GDP, after two years of small surpluses.
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Mr. Trump was likely referring to trade surpluses when he claimed that other countries had "made a lot of money with" the country.
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Mr. Trump was likely referring to trade surpluses when he claimed that other countries had "made a lot of money with" the country.
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He needs to reboot with Beijing and make clear that any agreements on currency would apply only to countries running significant trade surpluses.
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But when wealthy countries that have massive trade surpluses with us — massive — and then on top of that, we're paying for their military?
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To keep debt on a steadily declining path, they would have to consistently run large budget surpluses before interest charges on government liabilities.
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The deficit was $255 billion when Bill Clinton came into office; at the end of his term, there were four straight small surpluses.
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The study also appeared to dismiss the U.S. administration's claim that countries running big current account surpluses may be using unfair trade practices.
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The government's financial planning pencilled in structural surpluses of 1.0 billion francs in 2021, 0.1 billion in 2022 and 0.3 billion in 2023.
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In a remark possibly directed at Germany, Conte said countries that do not reinvest their large surpluses were not helping the Italian economy.
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Washington should hit trade miscreants hard and aggressively pursue the balancing of trade accounts with countries running excessive and systematic surpluses on U.S. trades.
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Joe Gagnon, an economist at the Peterson Institute, also notes that Australia and Canada ran surpluses for years without suffering economically as a consequence.
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Just to stop the spiraling debt, the primary budget must shift to steady and sustainable surpluses of 3 percent to 4 percent of GDP.
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Deep liquidity and current account surpluses in Japan and Switzerland attract safe-haven flows to their currencies during times of geopolitical and economic stress.
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But with big crops also on the horizon in South America, farmers in Argentina and Brazil expect overseas buyers to suck up their surpluses.
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"They cant deliver tax cuts and budget surpluses in a stagnant and possibly declining economy," Stillwell said, describing the campaign pledges as false promises.
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Fitch Ratings said in a note the result would bring policy continuity, including the coalition's pledge to start delivering budget surpluses next financial year.
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China's excessive trade surpluses on U.S. trades have been falling in the first four months of this year at an annual rate of 10%.
|
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Authorities in Thailand, which has large current-account surpluses, are trying to get citizens to invest elsewhere, to help contain an uncomfortably strong baht.
|
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Decisive moves with its currency now would bring extra scrutiny as Washington is monitoring countries that run large trade surpluses with the United States.
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"The problem of surpluses will not be solved if these countries take full advantage of their capacities," Commerzbank chief commodities analyst Eugen Weinberg said.
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The United States has for years called for Germany and other countries with current account surpluses to do more to boost lackluster domestic demand.
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German carmakers are now near the top of global investors' hit lists of national sectors to avoid because of prominent export surpluses with America.
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The Obama administration has appealed to countries such as Germany, which are running budget or trade surpluses, to increase spending and stimulate global demand.
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China will continue to run large trade surpluses with the U.S., and it will never accept Washington-imposed reforms of its trade and industry.
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"They can't deliver tax cuts and budget surpluses in a stagnant and possibly declining economy," Stillwell said, describing the campaign pledges as false promises.
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The economy has become much more balanced since then, with the budget deficit and state debt declining and the country posting current account surpluses.
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From 2016 through the current financial year, the country is estimated to accumulate surpluses totaling 20 billion Singapore dollars, according to analysts from Citi.
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After years of budget surpluses, the government has run deficits for the past two years, which makes Mr Morales's ambitious spending plans look unaffordable.
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Since taking office nearly two years ago, Trump has repeatedly blasted trading partners Japan and China for running big trade surpluses with his country.
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Germany, for example, with its gigantic trade surpluses and overflowing public sector coffers, should be leading the euro area out of an incipient recession.
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In the past, when rising surpluses pushed crude prices lower, major producers like Saudi Arabia cut back output to tighten supplies, thereby boosting prices.
|
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Gains in export performance and competiveness are set to underpin current account surpluses forecast by Fitch at an average of 3% for 103-2019.
|
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Thus, if Germany alone was to stop reliably producing surpluses, several parts of the continent could see power shortfalls - and outages - as a consequence.
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Maintaining large surpluses over an extended period of time "when accompanied by high taxation, weighs on growth and consequently on debt sustainability," Stournaras said.
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They took the reins from Quebec's former Liberal government, which delivered successive balanced budgets and surpluses after years of deficits, winning kudos from investors.
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But it could be argued that rich countries with ageing populations should be running current-account surpluses and investing in faster-growing emerging markets.
|
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Current account surpluses averaging 3.4% of GDP are also forecast for 2017-0003, supported by gains in export competitiveness and a diversifying export base.
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"The sovereign funds that are active are those that are generating current account trade surpluses," said Michael Power, a strategist at Investec Asset Management.
|
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China has worked hard to produce and sell its wares to eager European and other overseas buyers, amassing, in the process, huge trade surpluses.
|
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The other major change in the study parameters is the requirement to identify the specific locations of any infrastructure shortages or surpluses it finds.
|
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By 22019, beneficiaries face the prospect of a sudden 21 percent benefit cut when trust fund savings from the program's prior surpluses are exhausted.
|
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These surpluses have now come down to 2.2 percent of GDP from an average of 4 percent during the period from 2012 to 2015.
|
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In a twist, it was a Bill Clinton, a Democrat, who was president during those lonely four years of budget surpluses from 1998-2001.
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"Those who have trouble understanding how trade surpluses and globalization effects are created are invited to come here and take a look," he said.
|
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The territory has run consistent current-account surpluses for nearly two decades and is a net external creditor equivalent to approximately 260% of GDP.
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Once I start increasing income, I immediately moved the surpluses to sacred accounts that were out of my reach and marked for future investments.
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The Trump administration has put Indonesia on a list of 16 countries whose trade surpluses with the United States will be put under review.
|
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So when we do start running those surpluses, our tax receipts will go down, eliminating the benefit of the tax in the long run.
|
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The money that other countries gain through trade surpluses with the United States tends to return to this country, in the form of investment.
|
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But the steady decline in both China's trade surpluses and direct mainland investments by foreign companies show why Beijing should be pursuing foreign money.
|
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In 2011 the group set in motion a strategic plan to create yearly budget surpluses so as to eventually lease and refurbish a space.
|
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The NHIA, which ran surpluses for a while after the last round of rate increases, is now about to see its reserves run out.
|
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Unlike palladium, the roughly 1.1 million ounce a year rhodium market has seen small surpluses in recent years, according to specialist manufacturer Johnson Matthey.
|
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In an election year, the Europeans, with their trade surpluses in autos and luxury goods, could also be a tempting target for President Trump.
|
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The debt pile will only begin to fall after a number of years if the government runs surpluses over a sustained period, he added.
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The metal crashed below $50,2000 a ton earlier this month from above $22019,220 in March due to expectations of surpluses this year and next.
|
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The immediate short-term consequences of the tax are substantial relative to the size of deficits and surpluses that are typically under 1.4 percent.
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In theory, the wealthy nation-state can fund a much bigger deficit than that because it has accumulated large surpluses from past years' budgets.
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But while there was a period from the mid-2000s to the early 2010s when China ran huge trade surpluses, those days are past.
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With networks of elevators, mills and processing plants around the world, the companies can capitalize on shortages in some geographies and surpluses in others.
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The consolidated budget, which includes the republican budget (central and local government) in addition to the Social Protection Fund, has recorded modest surpluses since 2010.
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What makes the issue so difficult to resolve, or even to acknowledge, is that Germany's savings surpluses are not the outcome of explicit economic policy.
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The reality is that such retaliation is driven by local political imperatives and for preserving trade surpluses, not by a faux respect for the rules.
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It has been able pledge bigger budget surpluses, while also ramping up spending on health and education, which directly challenges the government's re-election platform.
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Berlin should do that through stronger domestic demand rather than taking purchasing power out of Italy, and the rest of Europe, with huge trade surpluses.
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Looking further ahead, the Chinese and the European trade surpluses with the U.S. will be kept on an upward trend by widening economic growth differentials.
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The dollar was already losing ground to both the yen and the euro, as investors favoured currencies of countries that boasted large current account surpluses.
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Current account surpluses and ample foreign exchange reserves also serve as an adequate buffer for Asian countries in the event of financial turmoil, he said.
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These countries account for 40 percent of world GDP, but their combined trade surpluses of $1 trillion represent about 80 percent of the world's total.
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Shortages of palladium and surpluses of platinum have flipped the usual hierarchy between the two metals, both used in catalytic converters to reduce vehicle emissions
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These practices are key reasons for the province's track record of timely returns to fiscal balance following recessions and consistent operating surpluses during economic expansions.
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RCEP members including India, Japan, Malaysia, South Korea and Thailand all have large trade surpluses with the United States - a bugbear for President Donald Trump.
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During the G-7 meeting in France, Trump failed to get a reduction of excessive and systematic German and EU trade surpluses on U.S. trades.
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The sum of the surpluses of these countries is actually about $230bn, similar to that of Germany, so they do as much damage as Germany.
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Hungary's central bank is unlikely to lift its main rate this year and next, but its economic growth and current account surpluses buoy the forint.
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So far, the conservative government of Prime Minister Scott Morrison has played down the need for stimulus, instead reaffirming a political commitment to budget surpluses.
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A key the problem is if this government has committed to maintaining primary surpluses of three and a half percent practically for the next decade.
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A sharp fall in the price of commodities and years of heavy spending under Rousseff have deteriorated Brazil's fiscal accounts, which once enjoyed hefty surpluses.
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That would include the euro and yen, since they represent countries with current account surpluses, or a positive difference between a nation's savings and investments.
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But as its construction boom came to an end, demand sagged, prompting the country's state-owned steelmakers to sell their growing surpluses on foreign markets.
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Once a few economies become stuck in the zero-rate trap, their current-account surpluses exert a pull which threatens to drag in everyone else.
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He said he is proud of what his staff has done since he assumed office, including environmental cleanup, budget surpluses, transportation planning and healthcare reform.
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The EU and United States are together the world's largest exporters of digital services, with digital trade surpluses of $168 billion and $150 billion, respectively.
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"An expanded watch list could include Russia, Thailand, Indonesia, Vietnam, Ireland or Malaysia, all of which have large trade surpluses with the U.S.," it said.
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Countries with essential technologies generally enjoy larger exports and healthier trade surpluses which bring closer political and military alliances at the expense of other countries.
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RCEP members including India, Japan, Malaysia, South Korea and Thailand all have large trade surpluses with the United States - a bugbear for President Donald Trump.
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It will also purchase surpluses of commodities including fruits, nuts, rice, beef, pork and milk and distribute them to food banks and other nutrition programs.
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We expect small surpluses of 0.2% of GDP in both 2017 and 2018, and forecast the government debt ratio will fall to 50.0% by 2018.
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Unfortunately, huge exporters of sugar — namely Brazil, Thailand and India — pump billions a year into their sugar empires to fuel surpluses and gut global prices.
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It more than doubled the budget surplus forecast this year but expects lower surpluses for the next three years compared with predictions made in May.
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Those trades are unwound during times of economic or market uncertainty, when investors prefer safe-haven assets and currencies backed by large current account surpluses.
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Merkel on Saturday said Germany's trade surpluses were narrowing due to rising domestic demand, and the government would continue to try to support that trend.
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So far, the conservative government of Prime Minister Scott Morrison has played down the need for stimulus, instead reaffirming a political commitment to budget surpluses.
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Guzman insists that growth, not fiscal surpluses, should be first on the agenda as he tries to steer Latin America's third-biggest economy toward solvency.
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ALUMINIUM: Plummeting aluminium prices are unlikely to persuade producers to immediately cut output as input costs have also fallen, leaving the market with massive surpluses.
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In the coming years, Greece will have to maintain primary budget surpluses - excluding debt repayments - and further cuts in pensions may be made in 2019.
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Requiring the country to run big budget surpluses when its economy is growing at an annual rate of only 0.4 percent is cruel and counterproductive.
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Ten years ago, the worry was that this broad pattern of surpluses in the Asian economies and oil producers relied on the U.S. trade deficit.
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"Canada doesn't view trade surpluses or deficits as a primary measure of whether trade works," Chrystia Freeland, Canada's minister of foreign affairs, said on Wednesday.
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In 2011, following years of budget surpluses and under pressure to help poor and elderly people, Hong Kong tried out a program called Scheme $6,000.
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In theory, the wealthy Southeast Asian city-state can fund a bigger deficit than that because it has accumulated large surpluses from past years' budgets.
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It is sitting on huge surpluses in trade and public finances, and steadfastly refusing to step up investment spending to produce technologies of the future.
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Both the won and Taiwanese dollar have been resilient because of their countries' large current account and trade surpluses, as well as low inflation rates.
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And here is an equally intriguing question: Does China realize that its huge, and growing, trade surpluses with the U.S. are economically and politically intolerable?
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In their thinking, the American combination of government budget surpluses and current account deficits — meaning importing more than exporting — would cause private debt to rise.
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That's because even small energy surpluses — consuming a few more calories each day than you expend — can contribute to long-term weight gain and obesity.
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In the case of China, or any other country running excessive and systematic trade surpluses with the U.S., Washington should insist on balancing its trade books.
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To offset such surpluses and sustain enough aggregate demand to keep people in work, the rest of the world must borrow and spend with equal abandon.
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Australia has been posting monthly trade surpluses helped by strong commodity exports but the export outlook is starting to be clouded by a rising Australian dollar.
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Data out on Thursday showed dwelling approvals climbed to a seven-month high while Australia boasted its longest run of trade surpluses in over four decades.
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To service its huge debt pile, Greece has to achieve primary-budget surpluses far into the future, which will curb state spending for years to come.
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Together with trade surpluses for the last five months and a narrowing current account deficit, the short-term outlook for the rand was positive, economists said.
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It faces an election and is promulgating populist policies, hence the pressure on the central bank to transfer more of its surpluses to the public purse.
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U.S. difficulties with China will send a message to the EU and Japan that their excessive trade surpluses with America must be cut — fast and radically.
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Although investment in the forestry sector could provide some short-term export momentum, Finland is unlikely to return to the current account surpluses seen before 2008.
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"Oil prices have not increased alarmingly because the market is still working off the surpluses built up in the second half of 2018," the IEA said.
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Both China and Japan have run large, intractable surpluses vis á vis the United States for decades, the basis for Trump's Japan criticism during his campaign.
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Post–bailout, Athens has committed to attain primary budget surpluses - excluding debt servicing outlays - of 3.5 percent of GDP until 2022, and 2.2 percent until 2060.
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And I've been making the case that post 2018 we need to reconsider the level of primary surpluses and probably bring them down to 2 percent.
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Fortunately, high commodity prices helped da Silva run successive fiscal surpluses during his two terms, even as he expanded programs for the poor started by Cardoso.
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Singapore is typically conservative in managing its finances, so Citi analysts projected that more than half of the surpluses will eventually head to the country's reserves.
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It has tapped domestic markets in the past when running budget surpluses, to prove that it could borrow more if it needed to, says Ms Ermolenko.
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Data on Thursday showed Australia's trade surplus doubled in September and mark the eleventh straight month of surpluses, its longest winning streak since the early 1970s.
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Fitch expects Sakha to maintain sound operating surpluses at about 9%-11% of operating revenue in the medium-term, supported by continuous growth of tax revenue.
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Due to U.S. surpluses and new output from Libya, oil prices have been soft lately and were just edging back above $50 per barrel on Friday.
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The Future Fund was set up with contributions of A$60.5 billion from government surpluses and proceeds of the privatization of telecommunications operator Telstra Corp Ltd.
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In a regular Eurogroup meeting in Brussels, ministers agreed that Germany, the Netherlands and Luxembourg, the EU countries with the highest budget surpluses, should spend more.
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Indonesia had argued that its rules were based on health concerns and halal food standards, or aimed to deal with temporary surpluses in the domestic market.
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Some Trump advisers are neo-mercantilists, but it turns out some recognize that the countries with trade surpluses have experienced sharper growth slowdowns in recent decades.
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On average, these seven clubs ran transfer surpluses in the season that they gained promotion, spending £800,000 less on player purchases than they received in sales.
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The first Bush tax cuts were initially presented as a means of returning budget surpluses to taxpayers, then as a means of fending off a recession.
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With their large current-account surpluses, Germany and the Netherlands are net lenders; low interest rates hurt them and help southern European countries, which borrow more.
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The Czech Republic has been a model budget performer in the European Union, running surpluses thanks to EU funds, record-low unemployment and solid economic growth.
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The study of hunter-gatherers, who live for the day and do not accumulate surpluses, shows that humanity can live more or less as Keynes suggests.
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Governments have little incentive to run budget surpluses and today seem to be ignoring even the more modest goal of keeping the deficit at sustainable levels.
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Britain recorded a trade surplus in the three years to 0.53, albeit no more than 0.5 percent of GDP in each year, but rare surpluses nonetheless.
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What that also shows is that the Chinese and German trade surpluses would be enough to finance American deficits through purchases of U.S. government debt instruments.
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Countries with the lowest trade barriers (Singapore, Switzerland) have some of the biggest trade surpluses, while countries with high trade barriers (Brazil, India) have trade deficits.
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In the wake of this debt, the federal government acted responsibly and ran surpluses and helped reduce the debt to $22019 million from 1866 to 1893.
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Luxembourg's external position is a key rating strength, with more than two decades of large current account surpluses, driven by a large surplus in net services.
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The US needs a national goal to balance trade, including a medium term goal of achieving trade surpluses to start balancing that deficits of the past.
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The country has government sector debt of 31.2% of GDP, among the lowest in the EU, and has run fiscal surpluses in the past four years.
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Hong Kong is no way strapped for cash, it has some $1.12 trillion in reserves, and has posted budget surpluses every year for the last decade.
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European officials are much more optimistic, but that hopefulness is based on the dubious assumption that Greece can run large budget surpluses for decades to come.
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The latest data on U.S.-China trade indicate that Beijing is not doing what it should to reduce its excessive surpluses by buying more American products.
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IF YOU LOOK AT THE NEGOTIATING POSTURE OF THIS COUNTRY, ALL THESE COUNTRIES RUNNING HUGE TRADE SURPLUSES WITH US HAVE NO INCENTIVE TO ROCK THAT BOAT.
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He is obsessed with China's persistent trade surpluses with America, even though economists keep telling him those are driven by more than just China's trade barriers.
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Unfortunately, the most recent data are showing exactly the opposite: Germany's soaring euro area trade surpluses are an increasing drag on the monetary union's economic growth.
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In two forthcoming government reports, one on surpluses and one on steel exports, Germany is expected to be identified as a country whose exports are problematic.
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Within the zero-sum economy of the eurozone, Germany has enjoyed huge balance-of-payments surpluses, selling machine tools and cars to consumers around the Continent.
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The forecast surpluses rely on an anticipated windfall from corporate taxes and the fruits of a crackdown on black market economic activity and multinational tax avoidance.
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S&P Global said on Wednesday that New Zealand's sovereign credit rating can absorb more fiscal spending even as it delays a return to budget surpluses.
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He is obsessed with China's persistent trade surpluses with America, even though economists keep telling him those are driven by more than just China's trade barriers.
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Deutsche Bank earlier in 2016 predicted small surpluses this year and next, but a deficit of 280,000 tonnes in 2018, 350,000 in 2019 and 280,000 in 2020.
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It should not take a dinner on Argentinian beef and a big delegation to convince the Chinese president to do "something" about his soaring U.S. trade surpluses.
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The 8-million ounce a year platinum market saw a 203,000-ounce shortfall last year after surpluses in 2017 and 2018, the company said in a report.
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That means Beijing is no longer recycling some of its huge dollar incomes from surpluses on U.S. trade to help finance America's large and growing public debt.
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The organisation has been able to do little to stop China's state-owned enterprises from exporting the surpluses created by their subsidised overcapacity, thus overwhelming producers elsewhere.
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Nonetheless, the following risk factors could individually or collectively trigger positive rating action: - Continued reduction in external indebtedness and improved external liquidity supported by current account surpluses.
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BUENOS AIRES, Oct 22 (Reuters) - Argentina had a $1.744 billion trade surplus in September, official Indec statistics agency reported on Tuesday, marking 13 straight months of surpluses.
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The case for free trade is undermined when many countries in Europe are free to rack up persistent trade surpluses, which are a drag on global demand.
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For OBOR to get off the ground, DBS said, Asia will need to start investing its surpluses at home, instead of the low-yielding U.S. —By CNBC.
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Nations that record trade surpluses, such as Germany, have also seen similar reductions in manufacturing employment because of technological change and their transitions to service-based economies.
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Bernie Lo: When people criticize us in Hong Kong for not being innovative enough, you know for, you know, having lots of money surpluses in the budget.
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They may moderate and reach high single-digit territory this year, but they still compared unfavorably with the double-digit surpluses recorded in the 2004-14 period.
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The projected surpluses increase to A$11 billion in 2020/21 and A$17.8 billion in 20203/22 before easing to A$9.2 billion in 2022/23.
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Post–bailout, Athens has committed to attain demanding primary budget surpluses - excluding debt servicing outlays - of 3.5 percent of GDP until 2022, and 2.2 percent until 2060.
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Data out on Thursday showed dwelling approvals climbed to a seven-month high while Australia boasted its longest run of trade surpluses in more than four decades.
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Chancellor Angela Merkel last month pushed back against renewed U.S. criticism of German surpluses by Trump, who told EU officials that Germany was "very bad" on trade.
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A similar dynamic played out in miniature within the euro area, as core economies like Germany ran current-account surpluses and peripheral countries like Spain ran deficits.
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The department will also purchase surpluses of fruits, nuts, rice, legumes, beef, pork and milk "for distribution to food banks and other nutrition programs," the USDA announced.
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Mr. Lew advised the I.M.F. to do more to call out countries that manipulate currency to underprice exports, run up trade surpluses and keep their finances opaque.
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The currency is finding support from past increases in prices for Australia's major commodities which have delivered four straight months of trade surpluses after years of deficits.
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Greece exited its third bailout last August and has committed to attaining demanding primary budget surpluses - excluding debt servicing outlays - of 3.5 percent of GDP until 2022.
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Much of Asia has for decades quietly accepted American security guarantees while also running large trade surpluses with the United States, turning them into prosperous manufacturing powerhouses.
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But the IMF, with much more conservative estimates and stressing previous Greek underperformance on targets, says it is unrealistic to demand high primary surpluses for so long.
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Nevertheless, we believe the region is generally well-placed to cope, with most countries running current account surpluses or small deficits and holding large foreign exchange buffers.
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All around the world, capital is fleeing troubled economies — including, by the way, the euro area, which these days tends to run bigger trade surpluses than China.
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Fitch projects budget surpluses of 0.2% and 1% of GDP for 2016 and 2017, respectively, reflecting a neutral fiscal stance that is supported by the economic recovery.
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The reason is very simple: Declining public debt can only be achieved with substantial and sustained primary budget surpluses (budget balance before interest charges on public debt).
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SWIFT is operated as a service to all banks, so cash surpluses are usually distributed to customers via rebates and ever-lower prices, rather than via dividends.
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Back then, in the late 1980s, he was mulling running for president for the first time and using Japan's trading surpluses as one of his talking points.
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And then-Federal Reserve Chair Alan Greenspan, who held near-iconic status at the time, argued in testimony before Congress that endless surpluses were an economic danger.
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"In archaeology, we used to think we understood that monumental constructions were associated with sedentism and food and-or labor surpluses commandeered by elites," Dr. McIntosh said.
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He has railed against countries that have large trade surpluses with the United States, such as China and Germany, while accusing them of profiting from undervalued currencies.
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The Swiss franc and Japanese yen are often sought in times of geopolitical tension or global financial stress, partly because both countries have big current account surpluses.
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Eric Lonergan, macro fund manager at M&G, told CNBC on Wednesday that Trump might be mollified by European countries promising to address their current account surpluses.
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All of the countries would have to change tax systems, pensions and a whole host of policies and institutions promoting export-led growth to decrease their surpluses.
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The euro area has a very low core rate of consumer price inflation, virtually balanced budgets, huge trade surpluses and the euro's strengthening trade-weighted exchange rate.
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Deficits ballooned after Reagan cut taxes; they shrank and eventually turned into surpluses after Bill Clinton raised taxes, then ballooned again after George W. Bush's tax cuts.
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Although anticommunism and the Keynesian approach to capitalism animated the effort, the Marshall Plan was nonetheless not some clever attempt to sell American surpluses to broken economies.
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The Commission addressed its call mainly to Germany and the Netherlands, usually referred to as "countries with fiscal space," because they have had budget surpluses for years.
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He has on his side strong economic growth - more than 21.1 percent last year - and two years of public finance surpluses, all while he was finance minister.
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The Chinese know that their U.S. surpluses are so huge, and growing, that they represent for Washington an issue of national security — arguably of the highest order.
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Good administration cops tell our trading partners that they should address their huge surpluses with America, before the raging bull Trump shatters the entire globalized china shop.
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Athens has committed itself to achieving big primary budget surpluses, which exclude debt-servicing costs, of 3.5 percent of GDP until 2022, and 2.2 percent until 2060.
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The maintenance of currently projected primary surpluses over the medium term of 2% of GDP is critical to reduce the level of public debt, the lender warned.
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These surpluses mean other countries must run current-account deficits (in other words, borrow) in order to ensure there is enough aggregate demand to keep people in work.
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"The physical rebalancing of the oil market has finally started," according to the bank, which has been among the most bearish on the outlook for surpluses and prices.
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The Chinese trade surpluses with the U.S. have grown at a strong rate, and last year's hit a record $323.32 billion, according to government data released on Monday.
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Mr Holmgren said a number of SEB's corporate clients "have indicated that they intend to keep higher surpluses on their tax accounts after the change has been made".
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This overshadowed a more upbeat forecast for oil demand growth from the International Energy Agency, which said the oil market is essentially balanced after two years of surpluses.
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A trade agreement with Japan is expected later next month, but it is not clear to what extent that would substantially change the Japanese surpluses on American trades.
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So, you could make an argument that, you know, those friendly rates to business helped bring the kind of surpluses and economic activity you want to see, right?
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While China has by far the biggest trade surplus with the United States, Vietnam is also on the list of those surpluses the Trump administration seeks to reduce.
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Increased car production capacity has allowed Slovakia to record current account surpluses in recent years, at an estimated to 0.4% of GDP in 2016 from 0.2% in 2015.
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Mr. Bernanke, a former chairman of the Federal Reserve, said countries that run persistent and unjustified trade surpluses — not trade deficits — must be urged to change their ways.
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Apart from that, excessive trade surpluses with the U.S. are hindering the leading role China has to play in promoting growth and stability of global commerce and finance.
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But it is a recipe for simmering disaffection, as Greece must run primary (before interest payments) budget surpluses not just for the next few years, but until 2060.
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Of course, there was not a word about the drag on global economic growth caused by German and Chinese trade surpluses of $290 billion and $470 billion, respectively.
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Despite Republican predictions of doom, there followed the longest U.S. economic expansion on record, the gradual elimination of record budget deficits, and the emergence of record budget surpluses.
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The referendum overshadowed signs of a return to health for crude markets after the International Energy Agency said the oil market is balanced after two years of surpluses.
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Saskatchewan, home to major potash and uranium reserves, projected a C$34.4 million surplus for 2019-20, with increasing surpluses for future years, the province's budget document showed.
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Elms noted that the Trump administration has focused its attention largely on manufactured goods, without much consideration given to the service sector, where the U.S. often runs surpluses.
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In that short time, he signed into law the largest state tax cut in Hoosier history, expanded school choice and continued Indiana's streak of balanced budgets and surpluses.
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In the first quarter of this year, the combined trade surpluses of China and the Germany-led European Union accounted for 62.4 percent of America's total trade gap.
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The United States has for years called on countries with current account surpluses to do more to lift their domestic demand, which has been perceived to be lacklustre.
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Asakawa justified Japan's hefty current account surpluses, running about 20 trillion yen for a third straight year to 2018, which mostly consist of income gains from overseas investment.
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Textbook Keynesian economics dictates that a country should run budget surpluses in the good years to build up ammunition to spend and cut taxes in the bad years.
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During his populist 2016 presidential campaign, Republican Trump railed at countries that had trade surpluses "taking advantage of the United States" and he revisited the theme on Monday.
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Nothing. With China, the U.S. is trading "help" in dealing with North Korea for a more lenient treatment of Beijing's $350 to $400 billion surpluses on American trades.
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Having run current account surpluses for decades, Japan is the world's top creditor nation, despite its government running debt of more than 200 percent of gross domestic product.
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The dollar must be realigned against not just the Chinese yuan but also against the currencies of countries that have been running chronic trade surpluses for many years.
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By doing that, they are expected to boost import demand, reduce their external surpluses and offset restrictive economic policies in deficit countries to keep the world economy growing.
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Finance Minister Bill English said the government was well positioned to tackle an expected repair bill running into the billions of dollars, with low debt and budget surpluses.
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The currencies of countries with account surpluses — where there is a positive difference between a nation's savings and investments — are traditionally favored by investors than those with deficits.
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Singapore's external finances continue to benefit from large current-account surpluses, averaging almost 19% of GDP over the previous five years, underpinned by the country's high savings rate.
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Singapore's external balance sheet remains exceptionally strong and enjoys a very large net international investment position of over 200% of GDP, reflecting the accumulation of current-account surpluses.
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Treasury also trimmed expected surpluses for 2021 and 2022 as economic growth slows amid heightened risks from factors such as the U.S.-China trade war and Brexit uncertainty.
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Both the yen and the euro tend to do well during times of financial market stress, since both Japan and the euro zone usually run current account surpluses.
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Europe: For some years Europe's underlying economic weakness, due to an aging population and Germany's obsession with running budget surpluses, was masked by recovery from the euro crisis.
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Greece has committed to primary budget surpluses of 3.5% of GDP up to 2022 and New Democracy officials insist public finances will remain in line with lenders' demands.
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American negotiators are working to rewrite trade pacts with Mexico and South Korea, in large part because these countries run large bilateral trade surpluses with the United States.
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Not bad for that oft-derided "sclerotic" Europe holding its own — and then some — with the Pacific Rim tigers free-riding on their huge, and growing, U.S. trade surpluses.
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Trump, who has had strong words for countries with large trade surpluses with the United States, said he would be discussing trade with Phuc, as well as North Korea.
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Still, before implementing any large-scale fiscal stimulus, Washington should activate bilateral, G20 and IMF consultations with countries currently running large and systematic trade surpluses with the United States.
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COMMITMENT TO FISCAL BALANCE: British Columbia's new government released an updated three-year fiscal plan in September that maintains balanced budgets with modest surpluses for fiscals 4803 to 2020.
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Historians note that rulers used to deal with surpluses of young men by sending them off to war, but such a cure would obviously be worse than the disease.
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It strong-armed most of Argentina's creditors to accept a deep discount in the value of their bonds, repaid the IMF early and boasted a string of budget surpluses.
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The best way to accumulate surpluses is by implementing sovereign funds which normally invest their resources abroad in order to avoid a Dutch disease (currency appreciation following resource booms).
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Production costs are much lower in Vietnam and Thailand, which are blessed with wide plains irrigated by large river systems that allow them to churn out large rice surpluses.
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If we plot the change in structural budget surpluses as a share of GDP against GDP growth, we get this: And a regression finds a multiplier of, um, 1.53.
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The European Payments Union, from 1950 to 33, put the international clearing-house idea into practice, though without the added function of encouraging surplus countries to cut their surpluses.
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I did it when I was in Washington, as the Budget Committee chairman, negotiating actually with Democrats, that gave us surpluses, economic growth, and the same thing in Ohio.
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Washington has plenty of leverage (see the paragraph above about East Asia's trade surpluses with the U.S.) to remind them - loudly, if necessary - of the rules of international trade.
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ANZ's Goh expects the Indian and Indonesian markets to face more pressure this year, but is positive on South Korea and Taiwan because those countries run current account surpluses.
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The ECB says Germany relies too much on exports, neglecting its internal market and running up huge trade surpluses without recognising that its economic good fortune may not last.
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Quebec's Liberals, who have been in power for all but one term since 2155, have delivered successive balanced budgets and surpluses after years of deficits, winning kudos from investors.
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The tiny but wealthy Southeast Asian city-state can, in theory, fund a much bigger deficit than what's expected because it has accumulated large surpluses from past years' budgets.
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Democrats argued that the persistent surpluses showed that the country was overtaxed and proposed to cut tariffs and reduce revenue, cutting prices to consumers and making Americans better off.
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But Warren doesn't share the view that the problem with trade policy has been "bad deals" in which foreigners take advantage of the United States by running trade surpluses.
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"Despite raising our global deficit for 2015/16 by 600,000 bags, this has been outweighed by a 1.4 million bag upward revision to previous years' surpluses," the report stated.
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German Finance Minister has sparred verbally with Mr. Draghi in the past-responded to the U.S. criticism, laying the blame for Germany's giant trade surpluses at the ECB's door.
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The imbalances that gave rise to huge current account surpluses on the part of the United States' most competitive trading partners, are not likely to decline any time soon.
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TAX REBATES The projected surpluses increase to A$11 billion in 2020/20193 and A$17.8 billion in 2021/22 before easing to A$9.2 billion in 2022/23.
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Kasich played up his time as the House's lead budget-writer during the surpluses of the 1990s and his record in turning a deficit into a surplus in Ohio.
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Half of its growth last year came from trade surpluses, while the household consumption and business investments advanced at lethargic growth rates of 0.4 percent and 1 percent, respectively.
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The Trump administration has criticized Germany for its large trade surpluses with the United States, while Germany has said its companies make quality products that customers want to buy.
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It's important to understand that the foundation of the study of economics was based on Smith's refutation of the very idea of trade surpluses as a key to prosperity.
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For 2018-103, budget measures that will increase spending on pensions, salaries, defense and social welfare will result in small fiscal deficits, but primary fiscal surpluses will be maintained.
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Quebec would not deliver such strong surpluses for the rest of the year, as rising interest rates and trade turbulence between the United States and China weigh on growth.
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The Swiss franc and the yen are often sought in times of geopolitical tension or global financial stress, partly because both Switzerland and Japan have big current account surpluses.
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The trade surpluses that China currently enjoys may shift to places such as Vietnam, Cambodia, Indonesia, Myanmar and Sri Lanka as these states become focal points for Chinese investment.
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The measure was aimed primarily at narrowing the large trade surpluses in automobiles and auto parts that the European Union, South Korea and Japan run with the United States.
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PARIS (Reuters) - Christine Lagarde, the incoming president of the European Central Bank, said on Wednesday euro zone countries with large budget surpluses should invest more to boost economic growth.
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The problem is that a continuing resolution puts the funding in the wrong appropriations accounts, creating unusable surpluses in some, and billions of dollars of unworkable shortfalls in others.
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TPP should also shore up the negotiating positions of the 11 countries involved when the Trump administration pushes for one-on-one deals aimed largely at cutting trade surpluses.
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After the Civil War, for example, the government ran surpluses 28 years in a row, causing debt to plunge from 31 percent of GDP down to just 7 percent.
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The fund, built from surpluses made by Norway's oil industry, has stakes in more than 9,000 companies in 78 countries, owning some 1.3 percent of all listed shares globally.
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A recent U.S. Treasury report said "persistent one-sided" intervention by countries to weaken their currencies could see countries with big trade surpluses, such as Japan, classified as manipulators.
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RATING SENSITIVITIES The main factors that could, individually or collectively, lead to an upgrade are: - Continued reduction in external indebtedness and improved external liquidity supported by current account surpluses.
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The tighter public finances - after years of budget surpluses routinely exceeding expectations - are starting to raise tensions over spending priorities in Merkel's awkward grand coalition, senior party officials say.
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With large trade surpluses and a continuing deflationary bias, Japan and South Korea should be generating more growth from their private (and public) sector consumption, housing and business investments.
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The top five surpluses are with Hong Kong ($32.5 billion in 2017), the Netherlands ($24.5 billion), the United Arab Emirates ($15.7 billion), Belgium ($14.8 billion), and Australia ($14.6 billion).
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But does he realize that "friendly appeals" to China to voluntarily stop raking in hundreds of billions of dollars in its U.S. trade surpluses is a road to nowhere?
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The International Monetary Fund will look the other way, and the euro area partners will continue to suffer in silence while Germans think that those surpluses are their birthright.
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In 2032, the Social Security trust fund surpluses run dry, and all beneficiaries regardless of age or income level will face a 21 percent across-the-board benefit cut.
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Though Greece's government had been profligate, those in Ireland and Spain had enjoyed budget surpluses before they landed in crisis, falling into perilous debts only after bailing out banks.
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States like Ohio are placing their surpluses in rainy-day funds, but cities that have suffered because of cuts since the recession say it is time to loosen up.
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WASHINGTON — In 2001, when surging budget surpluses fueled hopes of extinguishing the national debt, a pitched battle broke out over President George W. Bush's proposed $1.6 trillion tax cut.
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Unfortunately, Mr. Trump has done the precise opposite: targeting countries that run big import surpluses with the United States with a review of "trade abuses" and threatening retaliatory measures.
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The Future Fund was set up in 2006 with contributions from a A$60.5 billion from government surpluses and proceeds of the privatisation of telecommunications operator Telstra Corp Ltd .
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The baht hit 29.91 per U.S. dollar at the year-end, its highest level in more than six years, driven by hefty current account surpluses and foreign fund inflows.
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The roaring minerals economy filled state coffers with billion-dollar annual surpluses and brought jobs that kept the unemployment rate for much of that decade below the national average.
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The referendum overshadowed signs of a return to health for crude markets after the International Energy Agency said the oil market is essentially balanced after two years of surpluses.
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The current-account surpluses in Asia's big economies add up to about 19803% of global GDP, roughly the same as that of Europe's surplus economies, including Germany's, in combination.
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Similarly, the IMF is reminding us that those countries that serially run big trade surpluses are doing so because they continually have their economies save more than they invest.
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Investors who bought the city corporation's bonds made healthy returns, and, starting in 1983, the M.A.C. generated surpluses, which Mr. Rohatyn used to guide policy from behind the scenes.
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Post–bailout, Greece has committed to demanding primary budget surpluses - excluding debt servicing outlays - of 3.5 percent of the country's annual economic output until 2022, and 2.2 percent until 2060.
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The idea was to discourage damaging price wars on popular routes, ensuring that airlines would earn fat surpluses on them in exchange for operating money-losing routes to other cities.
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Despite these surpluses German public investment was 2.4 percent of GDP last year and will remain stable this year, below the euro zone average of 2.7 percent, the Commission forecasts.
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In countries with big budget surpluses, such as Germany and the Netherlands, higher spending on growth-boosting investments would slow the shrinking of debt burdens, but not stop it altogether.
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German economic institutes forecast record surpluses in the next two years and say that the government should use the extra fiscal room to lower income tax and social welfare contributions.
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The British delegation at the Bretton Woods conference in 1944 proposed an "international clearing union", in which symmetrical adjustment pressure could be applied, such as interest charges on countries' surpluses.
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"A Trump presidency would no doubt hurt Asia's gross domestic product (GDP) growth and could ultimately drive cost-push inflation, impart smaller trade surpluses and looser macroeconomic policies," Nomura said.
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Nicholas Crafts of the University of Warwick wrote that the difference between growth and interest rates did more to reduce British debt loads in the 20th century than budget surpluses.
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Current account surpluses combined with foreign investment and some recovery in EU funds will support a continued reduction in NXD, to 36% of GDP by 2018 from 38% in 13.
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In part because Treasuries are the only instruments seen as liquid enough to park part of China's massive foreign exchange reserves, which have surged thanks to years of export surpluses.
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Suga told reporters the report did not require a response as the list was mechanically created based on data such as current account and trade surpluses with the United States.
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Large supply surpluses and falling demand, particularly since Volkswagen's "dieselgate" scandal in 25, have eroded platinum's popularity to the extent that prices have dropped below those of palladium and gold.
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Greece emerged from its third international bailout last August and has agreed to achieve primary budget surpluses - excluding debt servicing - of 3.5% of gross domestic product annually up to 2022.
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While urbanization will continue, China's cities already have massive housing surpluses, and infrastructure construction - including roads and railways - is already more or less complete, he said, further limiting steel demand.
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All the same, investors are wary about prospects for global trade as Trump has criticized Japan - along with his primary target China - for running trade surpluses with the United States.
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While Trump has accused Germany of being "very bad" on trade for its large surpluses, Germany and other European exporters have a massive and willing market for their goods: Asia.
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It's hard to believe that at the turn of the century, we were running annual budget surpluses and worried about what would happen if we paid off the national debt.
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West Texas Intermediate crude settled up 33 cents, or 0.6% to $55.63 per barrel, though U.S. oil clinched its worst week since May thanks to weaker demand and larger surpluses.
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In a 1993 speech outlining an economic program that would lead to budget surpluses by the end of the decade, Clinton presented deficit reduction as a precursor to social spending.
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When we erect barriers to imports, or flood foreign markets with surpluses, or sign trade deals that favor just a couple of nations, there are ramifications throughout the international community.
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Professor Howell Jackson of Harvard Business School conducted a study that found while the government and media were reporting surpluses, Social Security was running a half of a trillion deficit.
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Fitch expects lower current account surpluses, as import growth from the recovery in domestic investment activity and still strong private consumption will likely outpace improved external demand for Estonian exports.
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OPEC countries are also hoping that the price-pressured cuts in production by some energy providers, like smaller shale-oil drillers in the United States, will help reduce the surpluses.
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It was intended to open the region to trade in sectors in which the U.S. runs trade surpluses, such as services and agriculture, and included protection of American intellectual property.
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A record run of trade surpluses helped by stellar prices for Australia's top export earner, iron ore, has showered the government with more cash to revive the country's slowing economy.
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It has also reintroduced - for the first time in more than 220 years - a reference to "excessive global imbalances", an apparent swipe at hefty trade surpluses in Germany and China.
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We are a magnet for skilled migrants from across the region, and we enjoy large trade surpluses with the big four economies of Asia: China, Japan, India and South Korea.
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Israel has returned annual current account surpluses each year since 2003, underpinned by rapid expansion of services exports (related to the high-tech sector) and the start of gas production.
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Most notably, he made the deals with the Republican Congress to cut capital gains taxes and reform welfare that helped spur major growth and even four years of budget surpluses.
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By 2017, European austerity policy toward the debt crisis in Europe has forced the deficit countries to drastically reduce their deficits, but the surplus countries have not eliminated their surpluses.
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On Wednesday it projected preliminary structural budget surpluses - which adjust for swings in the economy - of 1.1 billion francs in 2021, 0.6 billion in 2022 and 0.9 billion in 2023.
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While investing in raising output in a sector burdened with surpluses may take time to pay off financially, overhauling heavily polluting production methods could help allay future emissions-related costs.
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China's huge, and growing, American trade surpluses became an imminent strategic danger that had to be fought by tariffs, sanctions and strict limits to Chinese investments in the U.S. economy.
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He also used the surpluses to set aside billions for schools, transit, low- and middle-income housing, and the hiring of police officers in response to the crack cocaine epidemic.
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The largest euro zone economy has accustomed the world to running budget surpluses — when income or receipts overcome expenditures — or even small deficits compared to the rest of the region.
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And he says nothing at all about the political difficulty of achieving the required surpluses, yet such difficulties seem likely to be central if debt gets to very high levels.
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RATING SENSITIVITIES Future developments that could, individually or collectively, result in positive rating action include: -Evidence that the recent economic recovery is sustained and a track record of achieving primary surpluses.
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Without these, costs rise rapidly as the electricity system gets closer to full decarbonisation, even with storage and the ability to flex demand to cope with surpluses and shortages of power.
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After the games are done, the expansion of LNG output to 110 million tons a year, from around 77 million today, should ensure massive government cash surpluses for years to come.
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In the first eight months of this year, their U.S. business continued to flourish and the combined Chinese and European surpluses came in at two-thirds of the U.S. trade gap.
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The United States and Germany's European Union partners have long urged Germany, which is flush with cash and has been running budget surpluses since 2014, to cut taxes to boost growth.
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Institutes on Thursday hiked their growth forecasts to 1.9 percent this year and 2 percent next year, while also saying Germany would have record budget surpluses over the next two years.
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U.S. President Donald Trump has criticized countries like Japan, Germany and China for running large trade surpluses with the United States and weakening their currencies to gain an unfair trade advantage.
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With this kind of fiscal rule a government can truly run a counter-cyclical fiscal policy, allowing moderate deficits in bad times, which are compensated by fiscal surpluses in the good.
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But the IMF says the country cannot maintain high fiscal surpluses and wants assurances from euro zone governments that Greek debt will be made sustainable, before it will join the bailout.
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But in a report to Congress on Tuesday, the administration is keeping China on a list of countries whose trade surpluses with the United States and other indicators are closely tracked.
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Whether trade deficits are good or bad, trade deals are best seen as a way of raising trade flows in both directions, rather than an instrument for turning deficits into surpluses.
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Vonovia rejected claims that almost two-fifths of rental income went to shareholders, saying all surpluses from German rental income are invested into modernising its existing properties or building new ones.
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Debt ratios are improving due to better fiscal performance that targets ongoing surpluses and asset sales, and a net debt/revenue limit of 200% across the long-term plan to 2025.
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If we continue like this, we shall be running growing deficits, and they will be recycling their dollar trade surpluses by purchasing controlling stakes in our top research and technology companies.
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"What we have is fiscal discipline of the highest quality," Ncube said, adding that the national treasury had been running monthly budget surpluses and would raise public sector salaries this month.
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At any rate, I thought Trump had a good shot because the Chinese had found themselves cornered with excessive American trade surpluses, bound up with allegedly massive trade and industrial violations.
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We can&apost just look the other way while China and a lot of other countries, by the way, gain (ph) the global trading system and rack up huge trade surpluses.
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But generating more of California's energy from solar and wind would require utilities to produce huge surpluses of energy during summer months and store that energy for use throughout the year.
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Surplus countries got a free pass, even though they were (sort of) obliged to stimulate their domestic spending to reduce their trade surpluses and help to balance out the world economy.
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She also said the alleged overcharges were impossible to calculate because surpluses in the accounts were carried from year to year, with the courts requesting appropriations to make up for shortfalls.
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Exports could help, but that would require that the other half of the monetary union — with budget and trade surpluses — steps up public spending and tax cuts to stimulate domestic demand.
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Iceland remains relatively highly indebted to foreign creditors with a gross external debt stock at over 203% of CXR, but its external finances continue to improve reflecting consistent current account surpluses.
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So when we talk about the government having all this red ink, we have to remind ourselves that their red ink becomes our black ink, and their deficits are our surpluses.
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Ross, a billionaire who made his fortune investing in distressed assets, argued on "Squawk Box" that the shortfalls are the result of bad trade deals and other countries actively seeking surpluses.
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It wants a deal on "technical reforms" covering pending energy and labor issues before moving on to discussions on medium-term measures for debt and agreeing on levels of primary surpluses.
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Economies with the biggest piles of savings relative to investment—such as China and the euro area—export their excess capital abroad, and as a consequence run large current-account surpluses.
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Fitch forecasts Malta GGGD to decrease to 50% of GDP in 13, slightly higher than the 'A' median of 48.8% and supported by strong nominal GDP growth and recurrent primary surpluses.
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In the case of China, the reduction of trade surpluses will hasten the structural transformation of the economy toward an increasing share of household consumption, domestic investments and service sector industries.
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The commodity driven currency is finding support from higher prices for Australia's major exports - iron ore and coal - which have delivered seven straight months of trade surpluses after years of deficits.
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Projected primary surpluses will contribute to further government debt reduction, with debt forecast to stay below 25% of GDP for 2017-2019, significantly lower than the 'BBB' category median of 41.2%.
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In an interview with France's RTL broadcaster days before she takes up her post, Lagarde singled out Germany and the Netherlands as countries that could deploy their surpluses to help growth.
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In an interview with France's RTL broadcaster days before she takes up her post, Lagarde singled out Germany and the Netherlands as countries that could deploy their surpluses to help growth.
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If the combination of the American military presence and their trade surpluses with the United States weren't enough to mollify Asian leaders, no free trade deal would significantly change the situation.
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Because the plans were constrained from contributing more to the plans while earning double-digit returns and generating large surpluses, they were forced to increase pension benefits or stop making contributions.
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Alternatives like socking money away in a lock-box would merely create opportunities for Congress to raid that fund -- as it has raided Social Security surpluses -- and thereby avoid political accountability.
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ATHENS, April 1 (Reuters) - Greece's economic growth could be hindered by maintaining high primary surpluses for an extended period, together with high taxation, Central Bank Governor Yannis Stournaras said on Monday.
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How about having a different conversation, such as: (a) Do Europeans understand that their large and systematic trade surpluses with the U.S. are wrong, unfair and damaging to the U.S. economy?
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To achieve these surpluses, they invest public funds in foreign assets, which pushes up the values of foreign currencies relative to their own, making their exports more competitive in global markets.
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Unpaid-for tax cuts, the enactment of Medicare Part D, and spending for the wars in Iraq and Afghanistan soon dissipated the surpluses that had been projected because of Paygo discipline.
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That point in time the U.S. had concentrated surpluses and had made a very basic policy decision to help Asian and European countries recover from the ravages of World War 2.
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He seems driven by resentment about European trade surpluses and low defense budgets, issues that blind him to all the other benefits Americans derive from our alliance with Europe and Canada.
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There was a time, not that long ago, when the U.S. had high unemployment and China, by keeping its currency undervalued and running big trade surpluses, made that unemployment problem worse.
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By the time he emerged with a doctorate in financial economics, the big stock run-up of the 1990s was ending and the rich pension surpluses of the 1980s had disappeared.
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There have been many comparisons between French and American school lunches: French schoolchildren are taught to eat healthy meals; American children are basically treated as a disposal site for farm surpluses.
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Alexander Novak: Well, as far as the figures are concerned, at the beginning of the deal we had surpluses of approximately 340 million barrels in comparison with the five year average.
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The reddest state in the union dominates virtually all economic success indicators, has the highest fertility rate, boasts the lowest income inequality rate and always achieves budget surpluses instead of deficits.
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Clinton stressed budget surpluses, rising wages and homeownership, thinning welfare rolls and falling violent crime, implicitly making an argument that the country would be foolish to throw him out of office.
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China has worked hard — very hard, indeed — to take advantage of all that, and I am sure that Beijing's statesmen now realize that present surpluses on their U.S. trades cannot continue.
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The improved outlook is also set to help Ireland boost its budget in the coming years, with surpluses of 0.7% and 1% of GDP now pencilled in for 2020 and 2021.
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"If we are able to grow at this rate, and find these sources, we're left with surpluses," he said, explaining the economic expansion he believes will take place under his policies.
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Investors who bought the M.A.C. bonds made healthy returns, and, starting in 1983, the M.A.C. threw off healthy surpluses, which Mr. Rohatyn used tactically to guide policy from behind the scenes.
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After all, that fastest growing segment of the world economy has taken out of the U.S. a cool $1.7 trillion in the form of trade surpluses over the last four years.
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In return for the debt relief, Greece will have to maintain primary budget surpluses - excluding debt repayments - in the coming years, and further cuts in pensions may be made in 2019.
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Since the last surpluses of the late Clinton administration, Congress has passed and, with some exceptions for the rich, made permanent two rounds of large tax cuts (in 2001 and 2003).
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"These surpluses are significant, but they will be needed to meet the cost of the very large new capital investment the Government has committed to," said Joyce while presenting the annual budget.
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That's what Stephanie Kelton, a MMTer at University of Missouri–Kansas City and a senior economic adviser to Bernie Sanders, argues happened after the Clinton surpluses of the late 1990s/early 2000s.
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Broker CommSec Equities' analyst Savanth Sebastian said he expected surprise surpluses to continue for the next few months on support from commodities and weakness in the Australian dollar relative to the greenback.
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In May, China was again spared a manipulator designation, even with tighter new criteria specifying that global current account surpluses should not exceed 2% of gross domestic product as trade talks continued.
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Now Greece, left with threadbare public services, eye-watering tax rates, weak institutions and appalling demographics, is supposed to run large primary surpluses (ie, before interest payments) for the next four decades.
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The future of China's current account will be one of small surpluses or even periodic deficits, putting a limit to how quickly it can "passively" accumulate foreign currencies such as the dollar.
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The underlying reason for Canada's new price class is that demand for butterfat, used to make butter and cream, is outpacing that of dairy proteins - leaving processors with surpluses of the latter.
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Imports from the United States jumped 16.8 percent in February, shrinking South Korea's trade surpluses with the United States to $360 million for the month, down 77 percent from February last year.
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The Ministry of Finance also uses the bank for placing its short-term liquidity surpluses, for foreign-currency transfers from the EU, and for servicing the foreign debt of the central budget.
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To this day, Germany remains an export powerhouse, with $300 billion in annual trade surpluses (a whopping 9 percent of GDP), on account of productivity gains, product innovation and rigorous cost management.
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The European Commission and the International Monetary Fund have urged Germany to take advantage of record-low borrowing costs and increase investment to reduce the country's large trade and current account surpluses.
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Schaeuble also said that the euro exchange rate was too weak for Germany and that the European Central Bank's (ECB) loose monetary policy was behind higher current account surpluses in his country.
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It is a small consolation to deficit countries and the industries devastated by their foreign competitors that some of the funds generated by trade surpluses come back to support – temporarily – their consumption.
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Between the lines: "Such contract signings are a fixture of visits to Beijing by foreign leaders and are intended to defuse foreign complaints about China's trade surpluses and market barriers," AP reports.
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At the height of the oil boom around 2006, net "recycling" of oil-fueled surpluses into world markets was estimated at over $500 billion a year, most of it from the Gulf.
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"Nobody can claim that we are achieving these surpluses through manipulation," Schaeuble said, adding that the European Central Bank was in charge of the euro and that the central bank is independent.
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Germany today is a dynamic and multifaceted society with a lot of opportunities for transatlantic collaboration and relationship building that fall outside of Trump's indiscriminate rage about trade surpluses and defense spending.
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In our view debt-to-GDP will be kept on a declining path because of primary surpluses, low interest payments, strong nominal GDP growth and asset disposals by state-owned "bad banks".
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Thus, the report carefully recounts past surpluses that China has run, previous instances of currency intervention, "pervasive" subsidies and unfair practices and a lack of transparency and balance in its exchange intervention.
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But the IMF says the country cannot maintain high fiscal surpluses and wants assurances from euro zone governments that Greek debt will be made sustainable, before the Fund will join the bailout.
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However, aluminium stocks in warehouses AL-STX-SGH monitored by the Shanghai Futures Exchange, at a record 741,324 tonnes, suggest surpluses in China, the world's largest producer and consumer of the metal.
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"Supply and demand fundamentals do not look particularly attractive for platinum we expect surpluses to persist throughout our forecast period," UBS said in a note, downgrading its platinum outlook for the year.
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The government intends to modify the State Budget Act in order to run structural deficits of up to 0.5% of GDP as long as these can be financed by previously accumulated surpluses.
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As two of the world's leading exporters, China and Germany run huge surpluses with the U.S., which means both are now in the crosshairs of the Trump administration's zero-sum trade policies.
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I have read explanations that the privilege of having a reserve currency has a price, which is maintaining trade surpluses, and this in turn allows for lower interest rates and higher growth.
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But Draghi's not alone, and many others have called for those countries with budget surpluses to invest and help reinflate a euro zone that has seen fragile growth fade in recent years.
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President Donald Trump, who is due to visit Britain next month, told Canada and the European Union on Friday to do more to bring down their trade surpluses with the United States.
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Yet officials in Germany are sensitive to growing resentment in other countries toward their country's trade surpluses and voting power in the European Union, which will only grow with the British withdrawal.
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Beyond this conceptual confusion, there's a raw fact few people — and, as far as I can tell, nobody in the Trump administration — seem to appreciate: China no longer runs big trade surpluses.
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MEXICO CITY, Feb 25 (Reuters) - Mexico's annual current account deficit narrowed sharply in 2019 after the country ran current account surpluses in the final three quarters, central bank data showed on Tuesday.
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At the level of economic management, China's decades-old systematic and excessive trade surpluses with the U.S. have nothing to do with the illusion of trying to solve the differences in savings.
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The head of the International Monetary Fund said in January the build-up of large current account surpluses in countries such as Germany was partly responsible for the rise of protectionism elsewhere.
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As Halloween has escalated from a quaint local custom into an all-out sugar grab, a post-holiday tradition is gaining momentum: candy buybacks and donation campaigns to absorb the huge surpluses.
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Surpluses of about GBP23 million are forecast over the next couple of years with operating margins of about 9%, which considering its not-for-profit mission, is consistent with the Trust's ratings.
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Last week the Commission forecast that investment in Germany, which has been registering budget surpluses since 2014, will actually fall to 2.1 percent of economic output this year from 2.5 percent in 2016.
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The Zhongnanhai mandarins know that their trade surpluses with the U.S. -- $20153 billion in 2015 and $289 billion in the first ten months of this year -- are difficult issues that must be addressed.
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Two years late, Washington finally seems to have decided that Japan's systematic and excessive trade surpluses with the U.S. must come down — and that formidable barriers to Japan's markets have to be removed.
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Masatsugu Asakawa, Japan's vice finance minister for international affairs, said slapping tariffs against each other would do little to fix the imbalance between nations with large current account surpluses and those with deficits.
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China's leaders were warned during the U.S. presidential campaign in 2015 and 2016 that Donald Trump, if he became president, would not tolerate excessive and systematic Chinese trade surpluses on their U.S. trades.
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Norway's sovereign wealth fund, the world's largest, has been built up from surpluses from the country's oil industry and has stakes in some 9,000 companies, owning 1.4 percent of all listed shares globally.
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That high productivity also took endless, mind-numbing work: to prepare and tend the fields, keep up the homestead and defend the surpluses needed to feed everyone from one harvest to the next.
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It means—and note that this view is increasingly held by mainstream economists—that we should rigorously push back on countries that manage their currencies to boost their trade surpluses and our deficits.
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Apart from Japan's readiness to help its Asian neighbor, these investments make sense for a country that has to recycle some $28 billion in trade surpluses accumulated in the course of last year.
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So-- as I think number of smaller countries, for example, if they wanna run trade surpluses with us, I mean, and the-- and it strengthens their economy, it doesn't hurt us that much.
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Imagine, for example, what would happen if their surpluses – approximately 297 percent of the world GDP – were "put back" into the production of goods and services that create jobs and sustain productive lives.
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In the wake of its bailouts, Athens has committed itself to achieving big primary budget surpluses, which exclude debt-servicing costs, of 3.5 percent of GDP until 2022, and 2.2 percent until 2060.
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Imports fell 2.6 percent on-year in December, versus the median estimate for a 0.8 percent annual decrease, resulting in a trade surplus of 641.4 billion yen - the fourth straight month of surpluses.
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In its 16th and final currency report under President Barack Obama, the Treasury said it added Switzerland to a foreign exchange "monitoring list" of countries with high external surpluses or currency market interventions.
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The government will also free up an undisclosed amount of funds stemming from past surpluses, currently earmarked by law, and reassess how much spending authorized in previous years has carried over to 2018.
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It should also help the public fiscal balance in the central European country which has been running fiscal surpluses in recent years but is expected to tip into a small deficit next year.
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The New Democrat government, which took office in July with the backing of the Green Party, has taken a spending approach that directly contrasts the previous Liberal government's policy of running large surpluses.
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He criticized Germany for acting as Europe's "savings bank" with excessive surpluses, frozen wages and low inflation, at a time when the EU's deficit-ridden southern members have broken all records for unemployment.
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Trump has been highly critical of the international trade system and of countries such as China and Germany that have built up large trade surpluses while the United States has a large deficit.
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Germany high-handedly demands austerity measures for Italy and others for the reason that they violate current account debt limits while German itself has exceeded the upper caps for surpluses for years now.
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Fitch estimates fiscal reserves, including a provisional portfolio that holds about two years of accumulated government surpluses, grew to 137% of GDP at end-2016, equivalent to 5.7x the projected 2017 budgetary expenditure.
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Those countries with large trade surpluses have historically recycled the surplus dollars back into the U.S. Treasury market, helping to finance budget deficits that were considerably smaller just a few short years ago.
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Prudent budgetary policy dictates that in the good economic times, one should run budget surpluses in order to provide room to stimulate the economy in the bad times through increasing the budget deficit.
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"The most important (thing) he has to do is to try to have a better future for the country with a more flexible policy, especially in relation with the primary surpluses," Tsipras added.
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Milk and cheese prices on the Chicago Mercantile Exchange, a key part of the formula that determines what dairy producers are paid, faltered immediately on expectations Mexico's tariffs would translate into U.S. surpluses.
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He has vowed not to allow the expansion to proceed unless the legislature finds a way to pay for it at his cost estimate, and without raising taxes or relying on state surpluses.
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Never mind that the tax cut's 10-year tab was supposed to leave behind more than $773 trillion in surpluses — Democrats and some Republicans said that the tax cut was just too large.
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Following three consecutive months of surpluses, Canada posted a trade gap of C$972 million ($724 million), Statistics Canada said on Tuesday, short of economists' expectations for a surplus of C$500 million.
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Except at times of mass unemployment, trade deficits aren't a subtraction from the economies that run them, nor are trade surpluses an addition to the economies on the other side of the imbalance.
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Public spending in Switzerland is kept in check by a "debt brake", enacted in 2003, which forces the government to link spending with revenues and build up surpluses when economic growth is strong.
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Greece, which will exit its third international bailout in August but will still have to attain primary budget surpluses in the medium term, has said the deal should not worry its EU lenders.
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Related: Louisiana's flood called worst US natural disaster since Hurricane Sandy The state saw unprecedented budget surpluses in the years following Hurricane Katrina, peaking at $1.1 billion in the 2006-2007 fiscal year.
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Berlin has opposed large-scale debt relief unless Greece completes wide-ranging reforms and keeps running budget surpluses of 3.5 percent in the medium-term following the end of the bailout program in 2018.
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Bilateral and multilateral (G20) forums must be used to reduce unsustainable global trade imbalances by insisting on policy changes in countries pushing large and systematic trade surpluses instead of growing on their own savings.
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No, the euro has nothing to do with German surpluses; they are a result of Germany's refusal to generate more growth from stronger domestic demand so that its trade partners can sell it something.
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In a report produced at the start of Platinum Week in London, Johnson Matthey forecast a 127,000-ounce platinum shortfall this year, after surpluses of 372,000 and 93,000 ounces in 2018 and 2017 respectively.
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Berlin has opposed large-scale debt relief unless Greece completes wide-ranging reforms and keeps running budget surpluses of 3.5 percent for the medium-term after the end of the bailout program in 2018.
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But while partisans will necessarily debate which plan most effectively creates U.S. jobs, which benefits Main Street and which generates higher surpluses or deficits, broadband boosters should not lose sight of the end game.
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Commenting on the ongoing review of the country's performance against bailout program targets, which has dragged on for months, Vettas said that official creditors' demands for high primary budget surpluses reflected a "trust deficit".
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TOKYO (Reuters) - Japan's current account balance posted a stronger-than-expected surplus in March on solid income from overseas investments, maintaining a run of uninterrupted monthly surpluses that has continued for almost three years.
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LONDON (Reuters) - Investors are on standby for Europe's own version of the Trumpflation trade in case Wolfgang Schaeuble's successor at the German finance ministry directs the country's massive surpluses towards tax cuts and spending.
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"A combination of high current account surpluses, European Union inflows and private and public sector external deleveraging have contributed to a marked improvement in Hungary's net external debt position", Fitch said in a statement.
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The German media have recoiled at Mr Macron's chiding: "It's no 'fetish', Mr Macron…the surpluses are the product of diligent workers and innovative entrepreneurs," tweeted the political editor of Handelsblatt, an influential daily.
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Among Asia's trade-reliant economies, China and South Korea are particularly exposed to any hostile U.S. measures as they run large trade surpluses with the United States, Credit Suisse said in a research note.
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Such an approach is likely to help secure the participation in the bailout of the IMF, which has been doubtful if Greece could reach and keep to such surpluses with steps agreed so far.
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The costs of Chinese trade seem to have been exacerbated by China's large current-account surpluses: China's imports from other countries did not grow by nearly as much as its exports to other countries.
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Promptly begin to diversify Chinese exports away from U.S. markets, and strongly step up purchases of American goods and services to quickly stop and markedly reverse the trend of China's growing bilateral trade surpluses.
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The three exporting powerhouses have posted current account surpluses every year since 2002, China's first year as a World Trade Organization member and the year Germany moved out of current account deficit into surplus.
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But the Stability Council, comprised of representatives of Germany's federal and regional governments, warned that surpluses were the result of a higher tax take from the booming economy and would decline in a downturn.
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Leading economic institutes said on Thursday that the next government can count on record budget surpluses over the next two years due to a solid upswing, potentially facilitating Merkel's task of building a coalition.
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If foreign investment grinds to a halt and hard cash buffers disappear, Turkey has only limited options without simply building large current account surpluses that may require a much deeper and longer domestic recession.
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Third, German fiscal policy pressures on France, and Berlin's large economic benefits from the euro and the euro area trade surpluses are powerful arguments for Marine Le Pen and the rest of Macron's adversaries.
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The median estimate in the Reuters poll of 12 economists for September's monthly current account balance stood at a surplus of $07003 billion with forecasts ranging between surpluses of $1.8 billion and $2.4 billion.
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Cuba needs to bring in vast quantities of grains and other sustenance to feed its population, while the United States produces massive surpluses of commodities like corn, rice, beans, poultry and wheat for export.
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Few major advanced nations seem to have prepared for this by fixing the roof while the sun is shining, with Germany, often criticized for running "excessive" fiscal surpluses, among the exceptions to the rule.
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Section 85003(b)(1) directs the president (through the Treasury secretary) to engage in bilateral negotiations with countries identified as currency manipulators and urge them to adopt policies to correct undervaluation and significant surpluses.
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In the 12 months through July, the primary deficit was equivalent to 2.54 percent of gross domestic product, a world away from the north of 3 percent surpluses recorded just a few years ago.
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Germany has been running trade surpluses for years now, globally and bilaterally with the U.S. In fact, according to recent data, Germany had the world's largest trade surplus last year at around $21625 billion.
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Fitch forecasts primary fiscal surpluses in 2016 and 2017 slightly above the programme targets, with overall general government debt coming down from a peak of 183% of GDP this year to 181% in 20153.
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The extent of the temporary decline in U.S. shale oil production is likely to be such that it could help to nudge the market into balance in 2017 after several years of huge surpluses.
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Athens has agreed to adhere to a post-bailout fiscal trajectory that targets primary budget surpluses - excluding debt servicing outlays - of 3.5 percent of GDP until 2022 and of at least 2.0 percent thereafter.
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Large surpluses of platinum and shrinking demand, particularly since Volkswagen's "dieselgate" scandal in 2015 saw platinum prices crash to $23 an ounce last year, a far cry from peaks above $2,000 a decade earlier.
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As a result, it has probably become a big exporter of excess savings, hence a city with big trade surpluses, around 9 percent of GDP (probably even bigger if we had data on services).
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As states reap the benefits of an expanding national economy, at least 210 have reported budget surpluses — leaving joyous but somewhat perplexed state officials to figure out what to do with the unexpected cash.
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Sign up for neighborhood email listservs and local message boards so that you'll be able to share your surpluses, pool your expertise, and call on your neighbors for help when you need it, too.
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It questioned Greece's ability to consistently deliver large enough budget surpluses to allow it to pay down its debt — which now stands at €326 billion, or 180 percent the size of the Greek economy.
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Before the crisis, the surpluses of Germany and other stronger European countries were offset by extraordinarily high deficits in the "periphery" countries — Greece, Portugal and Spain — and many of the former communist EU members.
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The yen climbed to 113 yen per dollar after the U.S. Treasury put Japan on a new currency monitoring list along with four other countries that have large trade surpluses with the United States.
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It noted that the maintenance of high primary surpluses for a protracted period, particularly when coupled with very high taxation and cuts in the public investment programme, is also a significant challenge, hindering recovery.
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Morrison should report the red ink matched forecasts at around A$37 billion (19.2 billion pounds) this financial year and allow him to offer the aspirational goal of small fiscal surpluses from 2021-22 onwards.
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It is not a surprise that Europe and Canada want to preserve a trading system that is stacked in their favor and has enabled them to build a huge trade surpluses with the United States.
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Trump has repeatedly criticised Europe, and Germany in particular, for running large trade surpluses over the United States, promising to put an end to what he saw as the continent free-riding on U.S. prosperity.
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Despite the possibility of a longer-term decline in surpluses, in the first seven months of 2016, Germany's unadjusted trade surplus rose to 149.9 billion euros, slightly above last year's level of 148.2 billion euros.
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But when wealthy countries that have massive trade surpluses with us, massive, and then on top of that we're paying for their military or we're paying for a lot of their military, that doesn't work.
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B. Stop the German-run European Union and Japan from taking large and systematic surpluses — an estimated $240 billion this year — on their U.S. trades that Washington must finance by raising its net foreign debt.
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Trump has threatened to target Japanese automakers with high tariffs as part of an effort to reduce trade surpluses with other countries that he sees as a sign that the United States has been mistreated.
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The degree to which central banks muscled their way into the U.S. bond market over the last 21 years is astonishing, especially in 29-103 when current account surpluses, oil revenue and reserve accumulation soared.
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Japan's trade and current account surpluses have taken on critical importance as Trump pursues an "America First" platform, via which he has pledged to shrink the U.S. trade deficit with big exporters such as Japan.
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The center-right Liberal-led ruling coalition and left-leaning opposition Labor party both promise to deliver budget surpluses on the back of surging prices for iron ore and coal - the nation's top export earners.
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That would support growth in the euro area and reduce the depressive impact of excessive German and Dutch trade surpluses — 8 percent and 10 percent of GDP, respectively — on the rest of the monetary union.
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In the run-up to that meeting, Washington should work with Europe and Japan to get them to promptly and strongly stimulate their economies and begin to radically reduce their excessive surpluses on U.S. trades.
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In the 12 months through July, the primary deficit, which reflects government accounts before interest payments, equaled 2.54 percent of GDP, a far cry from more than 3 percent surpluses just a few years ago.
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To those calling for some European solidarity, Merkel retorted that it's everybody for themselves, with Germany continuing to live off its trade surpluses with the euro area partners while pursuing a "black zero" budget balance.
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ROME, March 16 (Reuters) - Italian Prime Minister Matteo Renzi said on Wednesday that Germany and other north European nations need to cut their trade surpluses in line with EU guidelines to help Italy's struggling economy.
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Net external debt (NXD) of 17% of GDP in 2017 is also higher than the 'A' peer median of 2%, but is declining quickly due to strong current account surpluses (5.3% of GDP in 2016).
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Slovenia has recorded strong current account surpluses in recent years, primarily reflecting sharp debt deleveraging and the associated fall in investment level as well as stronger exports supported by a fall in unit labour cost.
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NHTSA also noted that the number of automakers' fleets with credit shortfalls had risen to 26 in 2016, up from 18 in 2011, and the number of surpluses fell from 0003 in 2011 to 15.
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Gary Hufbauer, a senior fellow at the Peterson Institute of International Economics, said China and other nations could be cited for currency misalignment — in other words, having large trade surpluses, especially with the United States.
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But hopes that cash from Germany's buoyant economy would make it easier to paper over the parties' differences diminished on Monday when an official advisory council warned that surpluses were needed to cover future downturns.
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"Even in economies with solid current account surpluses, like Korea and Thailand, central banks are gearing up for rate hikes in the coming months," said Frederic Neumann, co-head of Asian Economic Research at HSBC.
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These include a ban on owning more than a third of any country's public debt, a limit that is looming large in Germany, where the government has been recording surpluses and therefore issuing less debt.
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And less stimulus would have been needed in the first place had Germany and the Netherlands spent more at home, pushing up euro-zone demand and inflation, rather than building up huge current-account surpluses.
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The finance minister, Lou Jiwei, suggested that foreign officials should curb their complaints about industrial production surpluses because their governments had cheered on China's investment spree during the global financial crisis that began in 2008.
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First, with the terms of trade artificially tilted against us, countries with large and persistent trade surpluses subsidize a flood of imports into the United States while unfairly pricing our goods out of their markets.
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Iceland has recorded strong current account surpluses (five-year average of 5.4% of GDP, higher than the 'A' median of 2.1% of GDP), driven by favourable terms of trade and robust growth in tourism activity.
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Indonesia posted larger than expected trade surpluses in February and March, creating some expectation of improvement in the current account gap, which widened to 2.98 percent of GDP in 2018 from 1.60 percent in 2017.
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Sberbank and most large private and foreign banks have liquidity surpluses as they have repaid the majority or all of CBR funding and as of 1 October kept RUB1 trillion on deposits with the CBR.
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Greece, Portugal, Spain and Ireland gained access to credit they would likely not have achieved with their national currencies, while an export power like Germany has run up large trade surpluses without having to revalue.
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In the opposite corner are people posing as defenders of multilateralism and free trade who are, in fact, responsible for excessive trade surpluses at the expense of the U.S. and the rest of the world.
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You can easily imagine that countries running large trade surpluses with the U.S. are very much looking forward to their rising exports as Washington initiates its widely expected fiscal stimulus and growth-enhancing structural policies.
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The 2016 Race Donald Trump believes that a half-trillion-dollar trade deficit with the rest of the world makes the United States a loser and countries with trade surpluses like China and Mexico winners.
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Ncube has said the government is running monthly budget surpluses since January, the first time in years that state finances have not been in the red, and a sign that authorities have cut down borrowing.
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Large surpluses of platinum and shrinking demand, particularly since Volkswagen's "dieselgate" scandal in 2015 saw platinum prices XPT= crash to $751.25 an ounce last year, a far cry from peaks above $23,000 a decade earlier.
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Large surpluses of platinum and shrinking demand, particularly since Volkswagen's "dieselgate" scandal in 2015 saw platinum prices XPT= crash to $751.25 an ounce last year, a far cry from peaks above $23,000 a decade earlier.
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That was a change of tune for the conservative government of Prime Minister Scott Morrison which had resisted calls for more fiscal stimulus, preferring to stick to a political pledge to deliver budget surpluses instead.
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In an interview last week, Mr. Bishop instead stressed his role in the sound fiscal management of the state, which he says has allowed for surpluses, teacher pay increases and new funds for road construction.
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"We should never focus on bilateral trade deficits or surpluses," Blinder, the former vice chairman of the Board of Governors of the Federal Reserve System under President Bill Clinton, said on "Power Lunch " on Monday.
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The German-led Europe and China-dominated East Asia are living off America and the rest of the world with their respective trade surpluses currently running at annual rates of $394 billion and $480 billion.
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The United States has provided about $1.5 billion worth of military aid to Ukraine since 2014, almost entirely as equipment, often drawn from United States Army surpluses, rather than money transfers to the Ukrainian budget.
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Having come to office in late 2015 vowing to "turn the page on austerity", he has since recast himself as a champion of fiscal discipline, promising budget surpluses to protect Portugal from any economic storm.
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Although the emirate – the second largest of seven sheikhdoms in a federation dominated by oil-rich Abu Dhabi – has recorded narrow budget surpluses over the last five years that run is coming to an end.
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The U.S. wants to negotiate trade issues with the European Union and China despite the fact that they ignored, for more than a year, Washington's constant warnings about unacceptably large surpluses on their American trades.
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The decision, "crystallizes an important shift in OPEC+ behavior to managing short-term physical surpluses and deficits rather than trying to correct perceived long-term imbalances through open-ended commitments," the Wall Street bank said.
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In recognition of these facts, the Environmental Protection Agency now lists anaerobic digestion as preferable to composting when it comes to surplus food (of course, feeding surpluses to people, followed by animals, is even better).
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Soy surpluses in North Dakota and elsewhere have ballooned due to several years of bumper harvests coupled with slowing export demand as the U.S trade war with top soy buyer China enters its second year.
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"While financial markets are forward-looking and are likely to rebound once the contagion stabilizes, commodity markets are spot assets and must clear the surpluses developing today from weak demand and rising supply," Currie said.
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