China's trade surplus widens in June as imports drop

China's trade surplus widens in June as imports drop

Analysts also pointed out that Chinese export growth slowed to 11.3% year on year in June, from 12.2% in May, illustrating that exporters, faced with the threat of further trade barriers, were becoming more circumspect in sending goods overseas.

The United States and China could reopen talks on trade but only if Beijing is willing to make significant changes, U.S. Treasury Secretary Steven Mnuchin said on Thursday.

But in a statement from its commerce ministry, China blamed those problems on the United States, saying the imbalance was "overestimated" and caused by America's own "domestic structural problems".

Washington has warned it may ultimately impose tariffs on more than $500bn worth of Chinese goods - almost the total amount of USA imports from China past year.

But signs exporters were rushing shipments before tariffs went into effect in the first week of July suggest the spike in the surplus was a one-off, with analysts expecting a less favorable trade balance for China in coming months as duties on exports start to bite.

Exports rose 11.3 per cent over a year earlier to $216.7 billion, down from May's 12.6 per cent growth, customs data showed Friday.

"We are monitoring very carefully the impact of tariffs and we will continue to do so", he said.

Wimbledon is obviously a very special tournament: Djokovic
The pair traded breaks of serve in the opening set before Djokovic broke in the seventh game, carving out the opportunity to serve for the set.

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).

Imports grew 14.1 percent in June, customs said, missing analysts' forecast of a 20.8 percent growth, and compared with a 26 percent rise in May.

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.

Speaking after a regular two-yearly review of China's trade policies at the World Trade Organization (WTO), Wang was sceptical.

The surplus was the highest ever with the U.S. for any single month, according to Reuters calculations based on official data going back to 2008.

Others say the latest data shows how hard it will be for the U.S. to win the trade war, arguing that Americans want to buy Chinese-made products.

The United States, Canada and Mexico have been negotiating to revamp the 24-year-old trade pact since last August, but talks have stalled over US demands on autos and other issues. The surplus was China's highest since December.

Related Articles

  • Tom DeLay: I Approve of Trump Blowing Off CNN

    You know if Fox News is defending these news outlets, then Trump really has gone too far with criticizing the free press. Trump spoke at a news conference with May following meetings at her official country estate outside of London.

    Duchess of Cambridge and Duchess of Sussex attend Wimbledon together

    If Serena wins she'll be the fist mother to win the Grand Slam since Australian Evonne Goolagong Cawley in 1980. A few months later, she joined her husband and the Duke and Duchess of Cambridge at the Royal Foundation Forum .
    Isner reaches Wimbledon semi-finals after victory over Raonic

    Isner reaches Wimbledon semi-finals after victory over Raonic

    The final set alone lasted two hours and 50 minutes. "At the end you feel like this is a draw between the two of us". It was the third longest match in tennis history and the second-longest match Wimbledon has ever hosted.
  • Donald Trump 'threatens to pull United States  out of NATO'

    Donald Trump 'threatens to pull United States out of NATO'

    Days before today's 12 indictments were handed down, Trump continued to call Robert Mueller's investigation a "witch hunt". But CNN reported that White House officials said the Putin summit would proceed as scheduled.
    Nets trade Lin to Hawks

    Nets trade Lin to Hawks

    A Newark native, Faried, 28, averaged 5.9 points and 4.8 rebounds in 32 games last season. For Denver, they were looking to clear salary to stay under the luxury tax.
    Manchester City's Riyad Mahrez targeting Champions League glory

    Manchester City's Riyad Mahrez targeting Champions League glory

    I thought what City did previous year was incredible , it was unbelievable to break all those Premier League records, but I am confident about myself.
  • Donald Trump hails ‘incredible’ Scotland as two day visit begins

    Donald Trump hails ‘incredible’ Scotland as two day visit begins

    Am I allowed to go higher than that? Some 10,000 people marched Saturday through the Scottish capital of Edinburgh to protest U.S.
    Guinness record holder gets nails cut after 66 years!

    Guinness record holder gets nails cut after 66 years!

    The weight of his nails has left him permanently handicapped and in constant pain - he can not open his hand or move his fingers. Well, this is Shridhar Chillal - and he has been growing the fingernails on his left hand for a massive 66 YEARS .
    Wimbledon 2018 -- Novak Djokovic-Rafael Nadal semifinal halted by Wimbledon curfew

    Wimbledon 2018 -- Novak Djokovic-Rafael Nadal semifinal halted by Wimbledon curfew

    The other semifinal match will still take place Friday, but the curfew for play at Wimbledon is 11 p.m. local time. So even was the contest that at one stage late in the third set Djokovic had won 89 points and Nadal had won 88.
  • Chelsea To Use Diego Costa Text In Case Against Antonio Conte

    Chelsea To Use Diego Costa Text In Case Against Antonio Conte

    Sarri's arrival will end the managerial turmoil at the club and there is expected to be a late push to bring in new faces. Indeed, according to reports in Italy, Sarri is already on his way to London .
    Twitter's safety crackdown: PM Modi, Rahul Gandhi lose thousands of followers

    Twitter's safety crackdown: PM Modi, Rahul Gandhi lose thousands of followers

    Twitter said Wednesday it was purging the "locked" accounts in part to increase trust in and transparency about the service. CNN's breaking news account lost roughly 1 million followers, while the main New York Times account lost about 730,000.
    Anderson in Wimbledon final after 2nd longest ever Slam match

    Anderson in Wimbledon final after 2nd longest ever Slam match

    He is yet to be broken in this competition and though this is his first Wimbledon semi-final he will be a force. "I'm super happy. The 32-year-old Anderson triumphed 7-6 (8/6), 6-7 (5/7), 6-7 (9/11), 6-4, 26-24 after six hours and 36 minutes on Centre Court.