China trade surplus with USA hits record high in June

A worker sorting canned peaches for export at a factory in Xiayi in China's central Henan province

Wang said he had been under the impression that four rounds of high level talks in recent months between China and the United States had averted the trade war.

Last week, the United States and China introduced tariffs of 25 percent on $34 billion of each other's exports.

For January-June China's trade surplus with the United States rose to $133.76 billion, compared with about $117.51 billion in the same period previous year. China also said both its imports and exports with the USA rose in the first half of 2018. So far China has responded in kind, adding tariffs to $34bn of goods from the USA and threatening "firm and forceful measures" to match the threat of tariffs on $200bn worth of United States exports.

Analysts expect to see the impact of the tariffs in July's figures.

Firing the first shots in a trade war that has rattled financial markets and raised risks to the global economy, Washington last week imposed 25 percent tariffs on $34 billion of Chinese imports, drawing rapid retaliatory duties by Beijing on the same amount of United States exports to China.

"We expect the trade numbers for July to disappoint since that's when the first round of USA tariffs took effect", China analyst at Nordea Bank in Singapore Amy Zhuang told the BBC. Its trade surplus with the USA over the same period was $133.76bn, up from $117.51bn previous year.

China's foreign trade faces risks of slowing in the second half of the year, General Administration of Customs spokesman Huang Songping told a news conference, though he said Beijing was capable of handling challenges.

Canada, U.S. express concern at North Atlantic Treaty Organisation over Russian pipeline into Germany
History has shown that Russian Federation has a penchant for attempting to control Europe by cutting off energy supplies. He said he also mentioned tripartite talks [on gas - EU-RF-Ukraine], which they will hold.

Does Katy Perry Still Have the Most Followers — Twitter's Biggest Losers
As Twitter continues to rid its platform of suspicious accounts, many users, including influential profiles like U.S. Twitter said owners of accounts will not be able to log in unless they validate the accounts and reset passwords.

Xherdan Shaqiri arrives at Liverpool for medical ahead of Stoke move
Reports have varied about the fee involved but the ECHO understands that the figure is £13million. Liverpool face fresh competition to close the signing of Stoke City attacker Xherdan Shaqiri .

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

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. "Not only will Chinese exporters suffer but American consumers as well", she said.

"Targeting such a large amount of basic consumers will inevitably have an effect on United States inflation".

Chinese data released Friday showed that the U.S. trade deficit with China hit $28.97 billion in June, an increase of $4.39 billion from May, according to Reuters.

David Kuo, chief executive of the Motley Fool Singapore, said "US tariffs will increase the cost of Chinese imports but they are unlikely to deter U.S. consumers entirely". So far, encouraged by strong job growth and expectations of good quarterly earnings reports, U.S. markets have been strong and the Australian market has reached a 10-year record high.

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

The dispute has jolted global financial markets, raising worries a full-scale trade war could derail the world economy.

Related News:



Most liked

Global Innovation Index: Kenya ranks 3rd in Sub-Saharan Africa
If only measuring the Innovation Input Sub-Index the Philippines landed the 8th spot out of 30 lower-middle income economies this year.

North Atlantic Treaty Organisation states to increase defence funding
We spend on defense much more than Russian Federation and as much as China. They're going to up it at levels that they never thought of before...

WWE Looks At Brock Lesnar
Mike Johnson from PWInsider reported that we might not see Lesnar for a while so a SummerSlam match is not guaranteed. Brock Lesnar has been Universal Champion since beating Goldberg at WrestleMania 33 a year ago .

Rays suspend Papa John's pizza promotion
The Royals said they were going to "reassess" their relationship with the company during the all-star break, according to KCTV . Schnatter were negatively impacted, including by social media or otherwise", it said in 2017 annual filing.

Trump praises strong relationship with UK's May after damning her Brexit plan
The president said the former foreign secretary would make a "great prime minister", adding "I think he's got what it takes". Britons are narrowly in favour of US President Donald Trump airing his views on Brexit, a Sky Data poll suggests.

Donald Trump makes his first trip to Britain
The comments infuriated some of May's Conservative Party colleagues, including one who tweeted, " Where are your manners , Mr. But the couple of times that I've gotten to meet him, we got along very well ... but ultimately, he's a competitor .

British woman dies after Novichok exposure
A member of the audience suggested that authorities had not been looking for the Novichok until the latest incident. Neil Basu, the Met Police's assistant commissioner for specialist operations, said he would be led by science.

USA indicts 12 Russians for hacking DNC emails during the 2016 election
In another related allegation, the indictment claims Russian officers hacked a state election board's website and stole the information of roughly 500,000 voters.

Marvel hires female director for upcoming Black Widow film
Marvel Studios reportedly met with 70 to 75 different directors for the project, with a female director being seen as a priority. Scarlett Johansson will team up with writer/director Cate Shortland for her stand-alone Black Widow movie .

2000-year-old Sarcophagus discovered in Egypt
They belonged to an unidentified Ancient Egyptian Princess and the head and body of a crocodile from the River Nile. The grave was discovered when a team from the ministry was checking out the site for construction purposes.

Tesla hits 200,000 cars, meaning a lower tax credit for EV buyers
Vehicles delivered between January 1 and June 30 of 2019 will qualify for $3,750 in credit. It's a hurdle that's heavily dependent on the specific configuration you want to order.

Watch the 2018 Emmy Awards nominations live
It was a deep year of nominations for minority performers, who accounted for over one-third of Thursday's acting nominees. The company spends about $8 billion a year on new shows and films, far exceeding HBO and other competitors.

Chelsea finally end Conte saga
Fans took to Twitter with a mixed reaction to the dismissal and manner of dismissal of their once beloved coach. Two trophies in two seasons but the writing was on the wall.

Don't be surprised if you lose followers — Twitter purge
Twitter shares fell 5 percent on Monday on concern that removing millions of fake accounts would impede user growth. Controversial blogger, Cyprian Nyakundi , has lost quite a lot of followers, from over 1 million to now below 700K.

Plurality of Britons Support Trump Visit to UK
Two senior ministers resigned in protest this week at her plans for trade with the European Union after Britain leaves the bloc next March.