BEIJING (Reuters) – China’s exports surged more than expected in July despite U.S. duties and its closely watched surplus with the United States remained near record highs, as the world’s two major economic powers ramped up a bitter dispute that some fear could derail global growth. In the latest move by President Donald Trump to put pressure on Beijing to negotiate trade concessions, Washington is set to begin collecting 25 percent tariffs on another $16 billion in Chinese goods on Aug. 23. Wednesday’s Chinese data provide the first readings of the overall trade picture for the world’s second-largest economy since U.S duties on $34 billion of Chinese imports came into effect on July 6. All the same, China’s exports for July rose a bigger than expected 12.2 percent year-on-year, showing little tariff impact for now and beating June’s 11.2 percent rise and analysts expectations in a Reuters poll for 10 percent growth. Of more direct consequence in the Sino-U.S. trade war, China’s surplus with the United States shrank only marginally to $28.09 billion last month from a record $28.97 billion in June. Washington has long criticized China’s trade surplus with the United States and has demanded Beijing cut it. Those… continue reading
Continue reading Chinese exports accelerate even as Trump escalates trade war. This article appeared first on CTRM Center.
Source: CTRM Center