China's trade surplus with U.S. swells in June

20180706-China-US-trade-chart-NEW

China's monthly trade surplus with the United States hits a record high in June, amid a bitter trade dispute between the world's two largest economies.

USA stocks closed higher on Thursday as industrials rebounded and technology names soared, while commodities recovered and the dollar held steady after concerns over an escalating US trade war with China took a breather.

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

Trump has said he may ultimately target more than $500 billion worth of Chinese goods - roughly the total amount of US imports from China a year ago.

Washington has warned it may ultimately impose tariffs on more than $500bn worth of Chinese goods - almost the total amount of U.S. imports from China a year ago.

"Still, we do not expect a plunge because those tariffs only targeted $34bn worth of goods which is fairly small compared to China's total trade", she said.

Trump's advisers are attempting to open Chinese markets to foreign companies and reduce what they see as unfair subsidies that have given rise to a $340bn annual trade deficit with China. They said as a effect figures for July and August were likely to show a decline in exports to the US.

"Looking ahead, export growth will cool in the coming months as U.S. tariffs start to bite alongside a broader softening in global demand", Julian Evans-Pritchard, Senior China Economist at Capital Economics in Singapore wrote in a note, though he noted a weaker yuan should help offset some of the decline.

This prompted Beijing to accuse Washington of launching the "largest trade war" in economic history, while immediately matching the United States tariffs dollar for dollar. Imports expanded by 14.1 per cent to $175.1 billion, down from the previous month's 26 per cent.

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 US tariffs.

China's Commerce Ministry said that Beijing had no choice but to fight back after the U.S. "launched the largest trade war in economic history", accusing Washington of violating the rules of the World Trade Organization (WTO).

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

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 11, 2018.

In a sign Beijing is seeking alternative supplies of the commodities as it hit USA imports with extra tariffs, China had dropped import tariffs on a range of animal feed ingredients from several Asian countries.

President Donald Trump said the United States was in a nasty trade battle with China, but things would ultimately work out.

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