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China’s trade surplus with the United States narrowed to $31.78 billion in October, down from the record high surplus of $ 34.13 billion registered a month earlier, according to China’s General Administration of Customs.

A drop in China’s trade surplus is not necessarily a good news for the risk assets as it could reinforce widely held notion that tariffs would help ­redress the trade imbalance and embolden Trump to push for more aggressive tactics.

Donald Trump and Xi Jinping are scheduled to meet on the sidelines of the G20 meeting later this month, although the probability is low that a near term solution would be found.