China's trade surplus with US grew, while global gap shrank

China's trade surplus with US grew while global gap shrank

Felbermayer suggested the European Union maintain a united front in opposition to the measures together with other worldwide partners like China, which is interested in upholding a multilateral system based on fair trade.

The growth rate of the value of USA exports to China dropped from 17.9% to -4.6%, while the growth rate of Chinese exports to the US declined from 11.0% to 2.0%. President Donald Trump has mounted a personal crusade to bring the U.S. deficit down with the world's second-largest economy.

"Trade performance in Q2 so far has been better than expected and may offer some upside to Q2 GDP growth", Betty Wang, senior China Economist at ANZ, wrote in a note. "But progress in U.S".

Top Chinese economic adviser Liu He made the offer during weekend trade talks in Beijing with a United States delegation led by Commerce Secretary Wilbur Ross, reported The Wall Street Journal on Tuesday.

Exports rose 12.6 percent to $212.9 billion, little changed from the previous month's 12.9 percent.

Although only targeting a comparatively small percentage of global imports, the symbolism of this move is being interpreted as a formal declaration of a trade war, one which will inevitably draw a response that could easily provoke a self-sustaining cycle of economic tensions within the West.

"The particularly strong May figures are due to uncertainties from the trade negotiations", said Iris Pang, an economist at ING Groep NV in Hong Kong and the only accurate forecaster of May import growth in a Bloomberg survey.

USA exports to China a year ago hit $130.4 billion, according to the Department.

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The new purchases would include soybeans, natural gas, crude oil and coal.

Beijing is under USA pressure to narrow its trade surplus. Our first chart illustrates the immediate impact as measured by the exchange rate-adjusted year-over-year rate of growth of both nations' exports to each other.

The total value of China's trade for May came to 400.8 billion dollars. Its imports from the United States rose 11.9 per cent in the same period.

China posted a trade surplus of US$24.92 billion (RM99 billion) for the month.

For January-May, the surplus stood at $104.85 billion, compared with about $92.9 billion in the same period previous year. He has threatened to slap tariffs on at least US$50 billion in Chinese imports shortly after publishing a final list of targets on June 15.

China's global trade gap narrowed by 39 percent to $24.9 billion.

Beijing also said it would cut tariffs on almost 1,500 consumer products as it looks to boost imports as part of efforts to open up the economy. During the talks, China promised to expand imports of American farm produce and energy to cut the surplus.

So far, China's customs hasn't released final April commodities trade statistics which had been due on May 23, and some traders have speculated that Beijing may want to hide statistics that could somehow undermine its negotiating stance. To do so, it would have to buy the equivalent of more than 600 Boeing airliners annually.

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