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China trade surplus with U.S. hits record high in June

China trade surplus with U.S. hits record high in June

"We expect the trade numbers for July to disappoint since that's when the first round of USA tariffs took effect", said Amy Zhuang, China analyst at Nordea Bank in Singapore.

"We expect slowing export growth to put downward pressure on the current account and RMB (yuan), and believe China is likely to be willing to make concessions in future rounds of trade negotiations with the U.S.", Nomura analysts said in a note to clients.

China's monthly trade surplus with the U.S. hit a record high of almost $29bn (£22bn) in June as exports to America remained strong. That leaves about $80 billion for penalty tariffs after Beijing's previous increases either imposed or threatened on a total of $50 billion of US goods are counted.

But signs exporters were rushing shipments before tariffs went into effect in the first week of July suggest the spike in the surplus was a one-off, with analysts expecting a less favorable trade balance for China in coming months as duties on exports start to bite.

Donald Trump had recently upped the ante by threatening higher tariffs on a colossal $200 billion of Chinese imports. Its trade surplus with the USA over the same period was $133.76bn, up from $117.51bn previous year. Both official and private business surveys reported softer export orders last month as the trade row deepens.

Trump imposed $34 billion of tariffs on China, and another round of $16 billion is around the corner.

But in a statement from its commerce ministry, China blamed those problems on the United States, saying the imbalance was "overestimated" and caused by America's own "domestic structural problems".

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

"Targeting such a large amount of basic consumers will inevitably have an effect on United States inflation".

China's surplus with the USA hit a record high last month, data showed today.

David Kuo, chief executive of the Motley Fool Singapore, said "US tariffs will increase the cost of Chinese imports but they are unlikely to deter USA consumers entirely".

The data comes as President Trump has ratcheted up a trade war with China and other close American trade partners, including Canada, Mexico and the European Union.

However, a lower yuan would make it more expensive for China to import USA goods.

Companies worry the spiralling dispute might dampen global trade and economic growth.

"So we would be back to square one", Mr Kuo said, with China exporting more to the U.S. than it buys from the country.

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