China's trade surplus with USA swells in June

China trade surplus with US widens unexpectedly

China trade surplus with US widens unexpectedly

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

"They go low, we go high", Li Chenggang, an assistant minister at China's Ministry of Commerce, said at a forum in Beijing with the City of Chicago, employing a Democratic Party slogan popularized by former first lady Michelle Obama in 2016, according to Bloomberg (porous paywall).

Beijing said China's surplus with the USA hit an all-time high of US$28.97 billion last month, while exports to the country hit a record US$42.62 billion.

"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 of Capital Economics said.

Consequently, Beijing responded with its own levies on US goods worth $34 billion.

Instead, China could focus on domestic reforms and development, while accelerating opening-up and addressing other United States demands, which are also in China' own interests.

Rep. Kevin Brady joins "Sunday Morning Futures" to discuss the Trump administration's tariffs and the second phase of tax cuts.

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China has also been the largest export market for the least developed countries in the world, absorbing one-fifth of the exports of the world's least developed countries. Beijing criticized the measure but has yet to say how it might respond.

China's trade surplus was larger than expected in June at $41.6bn from $24.92bn in May, notes the research team at TD Securities.

The European Union will open an annual meeting with China on Monday, looking to fend off overtures for an anti-US alliance as China seeks a European counterbalance to U.S. tariffs.

Since entering the WTO, Wang said, China has been a staunch supporter of the multilateral trading system. That leaves about $80 billion for penalty tariffs after previous increases either imposed or threatened on a total of $50 billion of USA goods are counted.

Gao Feng says China hopes American companies do more to lobby the USA government and work hard to safeguard their own interests. They criticize President Donald Trump's tactics but share USA complaints about Beijing's industrial policy and market barriers.

"To round out the picture China's trade surplus with the European Union grew on a 12m basis, rising to $131.8bn, while China maintained a deficit with Japan of $-33.bn and the surplus with the rest of Asia continued to narrow, falling to $65.8bn, its lowest since July 2014". "Import growth is set to slow further as domestic headwinds from property controls and weaker investment spending continue to intensify".

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