Despite Trump efforts, United States trade deficit with China hits record

Despite Trump efforts, United States trade deficit with China hits record

Despite Trump efforts, United States trade deficit with China hits record

China's trade surplus with the USA has grown to a record high of almost $29 billion in June.

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.

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

In the first half of the year, Chinese exports to the US increased 13.6 percent as compared to the same period in 2017, while imports from the USA only rose 11.8 percent.

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Washington added 25 per cent tariffs on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology.

This week, Washington threatened to impose 10% tariffs on another $200bn of Chinese imports.

China's Commerce Ministry said that Beijing had no choice but to fight back after the USA "launched the largest trade war in economic history", accusing Washington of violating the rules of the World Trade Organization (WTO).

But comments from China's commerce ministry indicated that June's figures are a blip, a result of Chinese companies pushing to get products out the door before the tariffs went into effect, according to Reuters.

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"Looking ahead, export growth will cool in the coming months as U.S. tariffs start to bite alongside a broader softening in global demand", Capital Economics analyst Julian Evans-Pritchard said in a statement.

"Looking ahead, export growth will cool in the coming months as USA tariffs start to bite alongside a broader softening in global demand", Julian Evans-Pritchard, Senior China Economist at Capital Economics in Singapore wrote in a note, though he noted a weaker yuan should help offset some of the decline. Both official and private business surveys reported softer export orders last month as the trade row deepens.

However, analysts said the June figures were a sign that exporters rushed to beat the initial tranche of tariffs, which came into effect in the first week of July.

"Looking ahead, export growth will cool in the coming months as USA tariffs start to bite alongside a broader softening in global demand", Julian Evans-Pritchard, the senior China economist at Capital Economics in Singapore, said.

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While China continues to benefit from strong global demand for its goods for now, the rising trade tensions with the USA has the potential to hurt both sides. Its trade surplus with the U.S. over the same period was $133.76bn, up from $117.51bn a year ago.

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