China's Trade Surplus With the USA hits record high

China is hitting the US where it hurts soybeans

The Trump administration announced a possible second round of tariff hikes this week targeting a $200 billion list of thousands of Chinese products.

Chinese data released Friday showed that the U.S. trade deficit with China hit $28.97 billion in June, an increase of $4.39 billion from May, according to Reuters.

The figures come a week after the trade war between the two began, with the United States imposing tariffs on $34bn of Chinese goods, and China retaliating.

"Still, we do not expect a plunge because those tariffs only targeted $34 billion worth of goods which is fairly small compared to China's total trade", she said.

The news came as the two economic superpowers stand on the brink of an all-out trade war that would have a huge negative impact globally.

The new tariffs would kick in within 60 days.

Analysts expect to see the impact of the tariffs in the coming months, warning of a less favorable trade balance for China.

China's total exports rose 11.3% year-on-year in June, beating a Bloomberg News forecast of 9.5%.

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.

Woman Unknowingly Drives 'Stolen' Car for 2 Weeks
Keyless cars can be operated as long as the key fob is located inside the auto , which was the case in this circumstance. Not realizing it was a Nissan Infiniti instead of the Sentra, she drove off in the wrong vehicle .

For January-June China's trade surplus with the United States rose to $133.76 billion, compared with about $117.51 billion in the same period past year.

However, a lower yuan would make it more expensive for China to import United States goods. Both official and private business surveys reported softer export orders last month.

Investors fear a prolonged trade battle with the United States could harm business confidence and investment, disrupting global supply chains and harming growth in China and the rest of the world.

In yuan terms, China's exports grew 3.1% in June and imports rose 6.0%.

"Not only will Chinese exporters suffer but American consumers as well", she told the BBC.

In a sign Beijing is seeking alternative supplies of the commodities as it hit US imports with extra tariffs, China had dropped import tariffs on a range of animal feed ingredients from several Asian countries.

Growth in imports for June showed a moderate slowdown from May, official data showed on Friday.

The data could renew longstanding criticism from the United States and Europe that the world's top metal producer is selling its surplus product overseas, hurting foreign rivals.

The June figures may have received a boost from United States and Chinese traders who rushed to fill orders for soybeans, ball bearings and other goods in both directions before threatened tariff hikes took effect.

Related News:



Most liked

Johnson & Johnson ordered to pay $4.69 billion damages in talc cancer case
It is the latest case that has hit Johnson & Johnson who have previously been hit by several thousand lawsuits against them. Still, this is a huge win for both the women defendants and others who claim adverse effects from the company's product.

Trump visit: London on LOCKDOWN as trip to spark protests
While the many thousands are expected to line the streets and protest against Trump, politicians have become involved too. Embassy in Brussels, the president also lashed out at the Muslim mayor of London , saying he had done "a awful job".

Emmy Award nominations: 'Handmaid's Tale' earns 20 nods
The 2018 Golden Globe Awards will kick off on Sunday, Sept. 17, at the Microsoft Theater in downtown Los Angeles . In the comedy categories, hip-hop themed FX show " Atlanta " is up against Amazon's " The Marvelous Mrs.

London Protester Dresses as Trump in Gorilla Suit Behind Bars
The president added: "I think allowing millions and millions of people to come into Europe is very, very sad". Another commented: "I am appalled that there wasn't a bow from D Trump or a curtsy from Melania".

Trump administration yanks health care away from more Americans
In January a federal court in MA ruled the formula wasn't arbitrary and capricious. The Maryland Insurance Administration has a hearing scheduled for July 31.

Croatian President 'can't wait' to attend final in Moscow stadium
I'm sure the players will be disappointed not to have reached the final, but there is so much to be hopeful about for the future. We have this togetherness, this unique unity - not just in football .

'Do Not Eat' Kellogg's Honey Smacks Cereal, CDC Warns
The CDC says that regardless of expiration date, the cereal should be thrown away or returned to a retailer for a refund. Updates from the CDC and FDA say Honey Smacks of all package sizes and best-by dates should be thrown out.

Denver agrees to deal with Isaiah Thomas
In 17 games, including just one start, for Los Angeles, Thomas averaged 15.6 points and five assists. Thomas missed the first 36 games and final 11 games of last season due to right hip surgery.

Trump's SCOTUS pick meets with key senators as nomination fight begins
Republicans have a 51-49 majority in the Senate. "I think that getting along with Russian Federation , getting along with China, is a good thing".

Djokovic roars into Wimbledon semi-finals
He (Nishikori) even threw the racket in the fourth set and the umpire said he didn't see him so I get the warning, he doesn't. But the Argentine broke back immediately with a volley and then saved another break point at 5-5 with an ace.

MS reports first West Nile virus human case of 2018
Not all mosquitos carry the virus, and only 20 percent of individuals bitten by an infected mosquito will develop symptoms. Mosquitoes can be active at any time but are most active in the evening and throughout the night.

U.S., North Korea to meet on Sunday over war remains
The goal of Pompeo's latest trip to Pyongyang was to negotiate the details of the nuclear agreement Trump signed along with Kim. In the Twitter post , Trump hailed the letter, saying, " A very nice note from Chairman Kim of North Korea .

Wimbledon | Goerges sets up Wimbledon semi-final date with Serena
The American star faces German 13th seed Julia Goerges on Thursday hoping to book a 10th final appearance at the All England Club. Despite this, and how it looked from the outside, Williams claimed she was never in any doubt that she would emerge victorious.

Has President Trump Gone Easy on Putin and Russian Federation ?
Instead "maybe he should ask Putin to turn over the 12 people indicted to the United States for trial", Podesta said. President Donald Trump during their bilateral meeting at the G20 summit in Hamburg, Germany, July 7, 2017.

Meghan Markle wears special Roland Mouret dress out in Dublin
Royal fan, Fiona Moore, welcomed the couple to the Emerald Isle and revealed how she chatted to Meghan about the Netflix hit. Meanwhile, there are rumours that the Duke and Duchess of Sussex are planning to have their own children soon.