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China's trade surplus with the United States reached a new monthly high in August, as the world's second-largest economy faced the threat of higher tariffs from the Trump administration.
China's trade surplus with the United States was $ 31.05 billion last month, up from $ 28.09 billion in July, while its overall trade surplus declined, according to data from the United States. the General Administration of Customs.
The data came as Washington was ready to put in place a third round of tariffs, bringing it closer to the imposition of levies on virtually all Chinese products entering the United States.
A combination of factors, including a weakening of the Chinese yuan and the anticipated shipment of exporters in anticipation of new tariffs, have aggravated the trade imbalance, said Liu Xuezhi, an economist at Bank of Communications.
"In the short term, it is difficult to reduce the trade gap because US buyers can not easily find alternatives to Chinese products," Liu said.
This suggests that the worsening trade dispute will not be resolved quickly, said the Shanghai-based economist.
The yuan fell by nearly 9% against the US dollar between April and July, but was little changed in August, according to Wind Information. Last month, the Chinese central bank stepped up its intervention in the market to prevent the yuan depreciating too quickly.
A weaker Chinese currency makes Chinese products cheaper for US consumers. Chinese exports to the United States rose 13.2% in August from the previous year, after rising 11.2% in July, according to Wall Street Journal calculations based on customs data.
President Trump said Friday that the administration is ready to announce tariffs on an additional $ 267 billion in Chinese products, in addition to withdrawals from the $ 200 billion of Chinese products it prepares.
Customs duties of $ 50 billion on imports from China have already taken effect, which Beijing has matched in dollars per dollar.
According to the US Census Bureau, the third round of duties would bring the total amount of goods subject to levies to more than $ 505 billion worth of products imported from China to the United States in 2017.
The Chinese Ministry of Commerce did not respond Saturday to requests for comments on proposed US tariffs.
Vice Minister of Commerce Wang Shouwen told a forum Saturday that the rise of trade protectionism is threatening global economic growth, according to national media reports.
Last month, Wang held mid-term talks with US officials in Washington, but talks between the two countries failed to show any visible signs of progress.
Globally, China recorded a trade surplus of $ 27.91 billion in August, compared to a surplus of $ 28.05 billion a month earlier. Economists surveyed by the Journal anticipated a surplus of $ 30.6 billion.
Exports increased 9.8% from the previous year, compared to 12.2% in July, according to customs data. Economists had forecast an 11% growth in shipments abroad. Imports rose 20% in August from the previous year, up 27.3% from the previous month and median forecasts from economists.
Government measures such as stimulating investment in infrastructure and injecting additional money into the financial market have boosted business confidence, said Liu of the Bank of Communications.
He said that he expects the Chinese economy to grow about 6.7% in the third quarter, is now stable compared to the second quarter.
-Liyan Qi
