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China's trade surplus with the United States has widened to a record high in June, further threatening to aggravate a bitter trade dispute with Washington.
The difference between Chinese exports to the United States and its imports of 29 billion dollars (22 billion pounds sterling), against 24.6 billion dollars in May. China's exports to the United States jumped 13.6% in the first half of 2018 compared with the previous year, while imports from the United States grew by 11.8% [19659003] Jonas Short, Beijing bureau director at Everbright Sun Hung Kai, said that he "will not help sour relationships and growing tensions".
Earlier this week, Donald Trump proposed a 10% tariff on $ 200 billion of Chinese products entering the United States. Trump's advisers are trying to open Chinese markets to foreign companies and reduce what they view as unfair subsidies that have resulted in an annual trade deficit of $ 340 billion. China
Last month's record deficit threatens to irritate the White House, which wants to see additional duties on imports reverse the recent trend.
However, analysts said the June figures were a sign that exporters were rushing. beat the first rate bracket, effective the first week of July. They said the July and August figures were likely to show a drop in exports to the United States.
The Chinese Ministry of Commerce confirmed last month that Chinese exporters were at the forefront of exports to the United States. This situation could exacerbate any slowdown in shipments towards the end of the year.
"For the future, export growth is expected to slow down in the coming months, as US tariffs begin to bite at a wider decline in global demand," said Julian Evans-Pritchard, Senior Economist at Capital Economics in Singapore. Analysts also pointed out that China's export growth slowed to 11.3 percent year-on-year in June from 12.2 percent in May, showing that exporters, facing the threat of new trade barriers, are becoming more cautious to send goods abroad. until the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk
Washington warned that it could eventually impose tariffs on more than $ 500 billion worth of Chinese goods – almost the total US imports from China last year. So far, China has responded in kind by adding $ 34 billion in tariffs to the United States and threatening "firm and forceful measures" to counter the threat of $ 200 billion tariffs of American exports.
raising fears that a large-scale trade war could derail the global economy. Executive Director of the International Monetary Fund Christine Lagarde warned of "darker clouds" for the global economy as trade tensions between the United States and China multiply, urging governments around the world to avoid protectionism.
Global markets largely ignored the numbers, with the FTSE 100 ending the day up 10.54 points to 7661. However, Chinese equities fell into bearish territory at the end of last month and the yuan's currency slipped, although there are signs this week its central bank is slowing the decline of the currency.
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