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China’s U.S. trade surplus hits record on rush to beat tariffs

15 July 2018

China also said both its imports and exports with the U.S. rose in the first half of 2018.

"We understand internally that Chinese authorities have issued instructions that EU-approved Indian suppliers should be granted the industrial drug licence in an expeditious manner so they can enter the Chinese market within six months", Dua said.

"Those talks produced progress, so much so that the U.S. government said they would put the trade war on hold, but all of a sudden an announcement was made to impose tariffs on imports from China".

The new tariffs announced Thursday would hit $200 billion worth of Chinese imports, especially consumer goods, including the popular hats sported by Trump supporters around the nation, according to a story first reported by the Associated Press.

The inflation data bolstered the USA dollar, which rose to a six-month high against the Japanese yen and a two-month high against the Swiss franc.

China's surplus with the USA swelled in June, data showed on Friday, likely stoking tensions with Donald Trump, who has imposed tariffs on billions of dollars of Chinese goods citing unfair trade practices.

After a strong start to the year, growth in China's exports has moderated recently, and is expected to face more pressure from the initial round of United States tariffs.

As the US-China trade war escalates, the latest trade numbers appear to back Washington's biggest gripe with Beijing.

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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 dispute has jolted global financial markets, raising worries a full-scale trade war could derail the world economy. Both official and private business surveys reported softer export orders last month.

China's foreign trade faces risks of slowing in the second half of the year, General Administration of Customs spokesman Huang Songping told a news conference, though he said Beijing was capable of handling challenges.

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.

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

A spokesman for the hotel told The Global Times: "Our boss was really angry about the endless tariffs the U.S. planned to..."

The spiraling battle between Beijing and Washington shows no signs of cooling down.

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.

China’s U.S. trade surplus hits record on rush to beat tariffs