China's Trade Surplus With the USA hits record high

20180706-China-US-trade-chart-NEW

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.

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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.

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