Asian stocks closed mostly lower on Monday, due to mixed trade data released by China and on worries about rising tech tensions between Washington and Beijing after reports that the U.S. government is considering adding China's largest chipmaker Semiconductor Manufacturing International Corp. or SMIC to a trade blacklist.
U.S. President Donald Trump's administration is considering imposing export restrictions on SMIC, according to a Defense Department spokesperson. The potential move by Washington would mark a major escalation in the tech battle between the U.S. and China.
Data from China's General Administration of Customs showed Monday that the country's dollar-denominated exports rose 9.5% from a year ago while imports declined 2.1% in the same period. China posted a trade surplus of $58.93 billion for the month of August. China's trade surplus was $62.33 billion in July.
August shipments to the United States jumped 20% from a year earlier to US$44.8 billion, while imports of US goods rose by 1.8% to US$10.5 billion. China reported a trade surplus of US$34.2 billion with the US in August, up 27% from a year earlier. This was also wider than the US$32.46 reported in July.
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