China trade surplus with USA hits historic high & timing couldn’t be worse
14 Julio, 2018, 04:01 | Author: Kelly Blake
The figures come after the two sides exchanged tit for tattariffs on billions of dollars worth of goods and Donald Trump threatened to up the ante with measures on a colossal $200 billion of Chinese imports.
Last Friday, Trump rolled out 25% tariffs on $34 billion of Chinese goods.
Analysts expect to see the impact of the tariffs in July's figures. China's exports to the United States jumped by 13.6% in the first half of 2018 from a year earlier, while its imports from the USA rose 11.8% in the same period.
The June figures may have received a boost from USA and Chinese traders who rushed to fill orders for soybeans, ball bearings and other goods in both directions before threatened tariff hikes took effect.
China's trade surplus widened sharply amid escalating trade tensions with the USA, which is preparing to impose fresh tariffs on a further $200 billion in Chinese goods.
For January-June, it rose to $133.76 billion, compared with about $117.51 billion in the same period previous year. Imports expanded by 14.1 per cent to $175.1 billion, down from the previous month's 26 per cent.
Trump imposed $34 billion of tariffs on China, and another round of $16 billion is around the corner.
While China continues to benefit from strong global demand for its goods for now, the rising trade tensions with the United States has the potential to hurt both sides.
A spokesman for the hotel told The Global Times: "Our boss was really angry about the endless tariffs the United States planned to..." "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 U.S. inflation". China's trade surplus with the United States over the same period was $133.76 billion, up from $117.51 billion previous year.
A trade war between Washington and Beijing has led some Chinese hotels and restaurants to begin raising prices for American customers in an unofficial form of retaliation.
After a strong start to the year, growth in China's exports has moderated recently, and is expected to face more pressure from the initial round of U.S. tariffs.
In a sign Beijing is seeking alternative supplies of the commodities as it hit U.S. imports with extra tariffs, China had dropped import tariffs on a range of animal feed ingredients from several Asian countries.
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.
The American announcement came Tuesday - days after the USA began adding 25 percent tariffs on $ 34 billion of Chinese goods. Imposing taxes on another $200 billion worth of products will raise the costs of everyday goods for American families".
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