Thursday, 20 September, 2018

China trade surplus with United States widens unexpectedly

A worker sorting canned peaches for export at a factory in Xiayi in China's central Henan province A worker sorting canned peaches for export at a factory in Xiayi in China's central Henan province
Priscilla Morrison | 13 July, 2018, 19:37

Beijing said China's surplus with the U.S. hit an all-time high $28.97 billion last month, while exports to the country hit a record $42.62 billion.

Others say the latest data shows how hard it will be for the USA to win the trade war, arguing that Americans want to buy Chinese-made products.

Over the first six months of the year the surplus climbed to $133.8 billion as total two-way trade continued to expand despite the face-off.

Statistics showed that in the first six months of the year, China's exports to the United States rose 13.6 percent from a year earlier, while imports from the USA increased by 11.8 percent.

China's trade surplus widened sharply amid escalating trade tensions with the US, which is preparing to impose fresh tariffs on a further $200 billion in Chinese goods.

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

The data comes as President Trump has ratcheted up a trade war with China and other close American trade partners, including Canada, Mexico and the European Union.

Not unexpectedly, several readers have expressed concern about the possible impact of the introduction of new United States tariffs on Chinese, Canadian and European imports on Australian and world share markets.

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

More news: What Trump's tough-guy act at North Atlantic Treaty Organisation was really about

Trump imposed $34 billion of tariffs on China, and another round of $16 billion is around the corner.

For January-June, it rose to $133.76 billion, compared with about $117.51 billion in the same period past year. Both official and private business surveys reported softer export orders last month.

This added to brewing tensions between the economic superpowers as they stand on the brink of an all-out trade war that Beijing warned would have a "negative impact" globally.

China imported American goods worth $13.6 billion in June while exporting $42.6 billion to the United States.

Imports grew 14.1 percent in June, customs said, missing analysts' forecast of a 20.8 percent growth, and compared with a 26 percent rise in May.

The commerce ministry also said this week it will use funds collected from tariffs charged on imports from the U.S.to help ease the impact of USA trade actions on Chinese companies and their employees.

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

Growth in imports for June showed a moderate slowdown from May, official data showed on Friday.

"We expect slowing export growth to put downward pressure on the current account and RMB (yuan), and believe China is likely to be willing to make concessions in future rounds of trade negotiations with the U.S.", Nomura analysts said in a note to clients.

Recommended

$4.69 Billion Verdict Pounds Johnson & Johnson in 22-Plaintiff, Talc-Cancer Trial $4.69 Billion Verdict Pounds Johnson & Johnson in 22-Plaintiff, Talc-Cancer Trial The plaintiffs argued that Johnson & Johnson's talcum powder products, like baby powder, caused them to develop ovarian cancer . Johnson & Johnson has been hit with its biggest penalty yet over the allegation that its talcum powders cause cancer.

Black Widow Movie Gets A Director Black Widow Movie Gets A Director With the latest phase of Marvel films coming to a close, Marvel saw this as the best time to move forward with the project. Scar-Jo will reprise the role for the movie which is said to be set before the events of the first Avengers movie.

Officials Conduct Demolition of Cape Canaveral Air Force Station Launch Towers Officials Conduct Demolition of Cape Canaveral Air Force Station Launch Towers The towers, which hosted 325 launches of probes, spacecraft and more dating back to 1957, came crashing down around 7 a.m. According to Florida Today , the demolition project had a price tag of $2 million.

Jeremy Lin traded by Brooklyn Nets to Atlanta Hawks Jeremy Lin traded by Brooklyn Nets to Atlanta Hawks ESPN first reported the deal, saying the Nets and Hawks would swap future second-round picks. During the 2016-17 campaign, Lin averaged 14.5 points and 5.1 assists for the Nets.

Iran cements ‘strategic relationship’ with Russian Federation Iran cements ‘strategic relationship’ with Russian Federation The Iranian presence in Syria is expected to be on the agenda of a July 16 meeting in Helsinki between Putin and U.S. The Russian head of state also hailed the achievements of the Iran-Russia cooperation in the war against terrorism.

‘Game of Thrones’ earns a leading 22 Emmy Award nominations ‘Game of Thrones’ earns a leading 22 Emmy Award nominations This is the first time either of the stars have hosted the show, which is also being executive produced by Lorne Michaels . The 70th Emmy awards ceremony will be held at the Microsoft Theatre in Los Angeles on 17 September.

Rally being held to protest Ontario's rollback on sex-ed curriculum Rally being held to protest Ontario's rollback on sex-ed curriculum The Tories will also move to end the strike at York University that has been underway since March by introducing back-to-work legislation.

No guarantees on nerve agent culprits or finding more Novichok No guarantees on nerve agent culprits or finding more Novichok They have not found any evidence that they visited any of the sites which were decontaminated following the Skripal poisoning. Police suspect Mr Rowley and Mr Sturgess handled an item from the first attack, which Britain blames on Russian Federation .

2 swirls, but only one can be a hurricane 2 swirls, but only one can be a hurricane The remnants of what was Hurricane Beryl could reorganize off the East Coast by the weekend. Chris continues to accelerate into the northern open Atlantic away from the US east coast.

Nuggets agree to one-year deal with Isaiah Thomas Nuggets agree to one-year deal with Isaiah Thomas Free agent guard Isaiah Thomas has agreed to a one-year, $2 million deal with the Denver Nuggets , league sources told ESPN. After 15 games with Cleveland, he was traded to the Lakers at the deadline and played in 17 games.

Neville convinced Kane was carrying a injury at World Cup Neville convinced Kane was carrying a injury at World Cup We will want to give a performance of huge pride. "It's been great to get to this stage but we wanted to go on and win it". ENGLAND face Belgium in the World Cup third-place play-off on Saturday, but who will start? "Everybody has come.

Donald Trump ready to help some NATO states buy US arms Donald Trump ready to help some NATO states buy US arms And he said Canada has promised to reverse a decline in military resources with an eye towards the two per cent target. Asked about Khan, a member of the opposition Labour Party, Trump was highly critical of the London mayor.

Parents wait to hug sons as details of risky Thai rescue emerge Parents wait to hug sons as details of risky Thai rescue emerge The four boys rescued Sunday have normal heart rates and no fever, and the two of them with lung infections are improving. Mr Jewell said it was very hard to judge how close it came to being a very different outcome.

Additional Support for Morse Code Soon to Be Added for Gboard Additional Support for Morse Code Soon to Be Added for Gboard Since Morse code only uses two keys (dots and dashes) it's an easy way for people with limited mobility to communicate. Interested in trying it out but have no clue how to type in Morse code? Gboard's Morse code keyboard in action.

Liverpool face Lazio competition for Stoke attacker Xherdan Shaqiri Liverpool face Lazio competition for Stoke attacker Xherdan Shaqiri The Reds have made a move for the Swiss star, who is free to leave relegated Stoke if his £13m release clause is activated. Shaqiri's medical at Liverpool is now underway after flying in to Merseyside this morning.