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China trade surplus with US swells to record high amid brewing tariff war

City A.M. Friday, 13 July 2018 ()
China trade surplus with US swells to record high amid brewing tariff warChina’s trade surplus with the US jumped to its highest ever record last month, as tensions mount over the escalating tit-for-tat tariff war between the two economic superpowers.

New figures show that China’s trade balance with the US widened to $29bn (£22bn) in June, rising from $25bn in May.

However, Chinese exports into the US are likely to take a hit now that tariffs have officially been imposed by the US on $34bn of Chinese goods in a move that was reciprocated by Beijing.

*Read more*: Libyan production and trade war fears condemn Brent crude to two-year low

The latest data is fresh evidence of a growing trade imbalance between the two countries, as exports from China increasingly outweigh imports from the US.

Since January Chinese exports to the US have risen 13.6 per cent, compared with an 11.8 per cent increase in imports from the US.

*Read more*: Stock markets sell off as economists warn trade war unlikely to be avoided

China’s commerce ministry confirmed last month that Chinese exporters were front-loading exports to the US before the expected tariffs began, meaning a potential slowdown in shipments towards the end of the year.

Such actions are only likely to increase after President Trump’s renewed trade threats earlier this week, in which the White House said it would consider another 10 per cent tariff on $200bn of Chinese imports which led China to vow that it would "fight back".

Analysts expect to see the impact of the tariffs in July's figures.
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Source: Wochit - < > Embed
News video: China's Trade Surplus With The U.S. Hits Record Level

▶ China's Trade Surplus With The U.S. Hits Record Level 00:46

BEIJING (Reuters) - China’s trade surplus with the United States swelled to a record in June as its exports accelerated broadly, a result that could further inflame a bitter trade dispute with Washington. The data came after the administration of U.S. President Donald Trump raised the stakes in its...

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