China's trade surplus with USA swells in June

13 July, 2018, 19:38 | Author: Regina Silva
  • China is hitting the US where it hurts soybeans

In the first six months of the year, China's exports to the United States rose 13.6% from a year earlier, while imports from the USA increased by 11.8%.

The US trade deficit with China hit a record high in June, according to a Reuters analysis, despite President TrumpDonald John TrumpGiuliani: Trump interview with Mueller "further away" ACLU calls for Trump officials to hand over info on immigrant children Kushner to join Pompeo for meetings with Mexican leaders MORE's efforts to alter the trade relationship between the world's two largest economies.

The figures come a week after the trade war between the two began, with the USA imposing tariffs on $34bn of Chinese goods, and China retaliating.

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

China's commerce ministry has said the two sides are not discussing restarting trade negotiations, and renewed its pledge to "strike back" against Washington's latest threat to slap $200 billion of Chinese imports with new 10% taxes.

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

However, a lower yuan would make it more expensive for China to import U.S. goods. Both official and private business surveys reported softer export orders last month.

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But, he said, China has another option - Beijing could reduce the impact of United States tariffs on exporters by devaluing the yuan to make its goods cheaper for American consumers.

"There will be challenges facing foreign trade with rising instabilities and uncertainties in the global environment, " said a Chinese customs agency report.

The ministry encouraged companies to increase import of soybean, soymeal, vehicles, aquatic products from other markets.

In June the surplus with the USA was at $28.97 billion, up from $24.58 billion in May, according to Reuters calculations based on customs data released on Friday. This is the highest surplus in any month since 1999.

The expanding trade surplus was largely because of smaller imports.

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 past year.

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.

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