China's June exports jump, surplus with United States at record high



Beijing announced Friday that China's surplus with the USA hit an all-time high of $28.97 billion (€24.85 billion) in June, with exports reaching a record $42.62 billion in June.

As the US-China trade war escalates, the latest trade numbers appear to back Washington's biggest gripe with Beijing.

Washington has warned it may ultimately impose tariffs on more than $500bn worth of Chinese goods - almost the total amount of U.S. imports from China a year ago. "They are just a trade bully", he told reporters in Geneva.

"Still, we do not expect a plunge because those tariffs only targeted $34 billion worth of goods which is fairly small compared to China's total trade", she said.

Imports grew 14.1% in June from a year ago, well below the 26% increase in May and economists' forecast of a 23.5% gain.

Trump's advisers are attempting to open Chinese markets to foreign companies and reduce what they see as unfair subsidies that have given rise to a $340bn annual trade deficit with China.

However, a lower yuan would make it more expensive for China to import United States goods.

"This trade dispute will definitely have an impact on China-US trade and will have a very negative impact on global trade", a Chinese customs administration spokesman said today.

Jabari Parker on the verge of offer sheet from Bulls
Hopefully 2018-2019 can be the year he establishes himself in the bigs, if not with a different club than the Milwaukee Bucks . Stick with us at Behind the Buck Pass for further updates on Parker's situation and the Bucks' decision on his future.

Meghan Markle Will Support Friend Serena Williams This Weekend At Wimbledon
The tennis champion reached her 10th Wimbledon final in just her 13th match since giving birth to daughter Olympia previous year . If she wins on Saturday, she will become the first to lift the Venus Rosewater Dish since Goolagong triumphed 38 years ago.

Prince Louis's christening to take place in the Chapel Royal
The young royal will wear a handmade replica of the royal christening robe, made by Angela Kelly , the dressmaker to the queen . The former Suits star wore an olive green Ralph Lauren dress , along with a matching Stephen Jones fascinator and green heels.

China's commerce ministry confirmed last month that Chinese exporters were front-loading exports to the get ahead of expected tariffs - a situation that could exacerbate any slowdown in shipments toward the year-end. China's exports to the USA jumped by 13.6% in the first half of 2018 from a year earlier, while its imports from the USA rose 11.8% in the same period.

In yuan terms, China's exports grew 3.1% in June and imports rose 6.0%.

Total trade between the world's top two economies rose 13.1 per cent for the first half of the year, official data showed Friday, despite the brewing tensions.

China is running out of American goods for retaliatory tariffs due to their lopsided trade balance.

The spiraling battle between Beijing and Washington shows no signs of cooling down.

Separate customs data on Friday showed imports of commodities from soybeans to crude oil eased compared with a year ago, but China's steel mills and aluminum smelters sold much more overseas spurred by higher global prices amid growing concerns about slowing demand growth.

Analysts expect shipments growth to slow in the second half of the year, putting more strain on an economy already feeling the pinch from a multi-year debt battle that has driven up corporate borrowing costs.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.