Despite Trump efforts, U.S. trade deficit with China hits record

China trade surplus with US widens unexpectedly

Beijing said China's surplus with the United States hit an all-time high $28.97 billion last month, while exports to the country hit a record $42.62 billion. The trade surplus was 261.88 billion yuan last month, official data showed. This is the highest surplus in any month since 1999.

China's total exports rose 11.3% year-on-year in June, beating a Bloomberg News forecast of 9.5%.

China's trade surplus widened sharply amid escalating trade tensions with the USA, which is preparing to impose fresh tariffs on a further $200 billion in Chinese goods.

China's commerce ministry has said the two sides are not discussing restarting trade negotiations, and renewed its pledge to "strike back" against Washington's latest threat to slap $200 billion of Chinese imports with new 10% taxes.

"This trade dispute will definitely have an impact on China-US trade and will have a very negative impact on global trade", a Chinese customs administration spokesman said today.

The dispute has jolted global financial markets, raising worries a full-scale trade war could derail the world economy.

China's June trade grew by double digits amid mounting tensions with Washington but Beijing warned its exporters to face "rising instabilities and uncertainties". So far, encouraged by strong job growth and expectations of good quarterly earnings reports, United States markets have been strong and the Australian market has reached a 10-year record high. Its trade surplus with the United States over the same period was $133.76bn, up from $117.51bn previous year.

Allies doubt Trump threatened to bail on North Atlantic Treaty Organisation in spending feud
Only eight countries expect to meet the target in 2018, he said. After a tense first day , Trump didn't ease up on the second.

Imports expanded by 14.1 per cent to $175.1 billion, down from the previous month's 26 per cent.

Investors fear a prolonged trade battle with the United States could harm business confidence and investment, disrupting global supply chains and harming growth in China and the rest of the world.

In yuan terms, China's exports grew 3.1% in June and imports rose 6.0%. "Not only will Chinese exporters suffer but American consumers as well", she said.

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

Growth in imports for June showed a moderate slowdown from May, official data showed on Friday.

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.

Related:

  • Tesla hits 200,000 cars, meaning a lower tax credit for EV buyers

    Tesla hits 200,000 cars, meaning a lower tax credit for EV buyers

    While tax credits have helped boost electric-vehicle demand in the US , they remain only 1.1percent of the market. As of next January, subsidies will be cut in half before being phased out completely a year later.
    Former Celtic Isaiah Thomas signs in Denver

    Former Celtic Isaiah Thomas signs in Denver

    Free agent Isaiah Thomas signed with the Denver Nuggets late Wednesday night, according to ESPN's Adrian Wojnarowski. He was traded to Cleveland last summer along with Jae Crowder, Ante Zizic and a pair of picks for Kyrie Irving .
    Unbelievable scenes as Ireland's Dan Martin wins Tour de France stage

    Unbelievable scenes as Ireland's Dan Martin wins Tour de France stage

    This means that after six stages Dumoulin is now 1 minute 23 seconds behind current race leader Greg Van Avermaet (BMC Racing). After the relatively flat first nine days, the race will head south and into the Alps and then the Pyrenees Mountains.
  • Chelsea fires manager Antonio Conte after 2 years in charge

    Chelsea fires manager Antonio Conte after 2 years in charge

    The club's 64-word announcement was eventually made on Friday, ending with: "We wish Antonio every success in his future career". Former banker Sarri, 59, will be Chelsea's ninth full-time manager since Roman Abramovich bought the club in 2003.
    Holly Willoughby shares image of son Harry's World Cup devastation

    Holly Willoughby shares image of son Harry's World Cup devastation

    Croatia fans in Zagreb react to key match moments in the World Cup semifinal win over England . "This is fantastic", Dalic said. Supporters thanked the side for "making us proud" during the run to the last four of the competition.
    Trump Says Baby Blimp Makes Him Feel ‘Unwelcome’ in London

    Trump Says Baby Blimp Makes Him Feel ‘Unwelcome’ in London

    He also said he told May "how to do it", but that she "didn't listen" and "wanted to go a different route". He said: "I think allowing millions and millions of people to come into Europe is very, very sad".
  • Twitter purge means fewer followers for Trump, Obama, Justin Bieber

    Twitter said it expects the initiative to reduce the total follower count on the platform by a significant 6%, the Times reports. Uhuru, who is the most followed Kenyan on Twitter , had 3,234,935 followers as of July 12 but lost 16,071 of them in the purge.
    London awaits Trump's visit, braces for protests

    London awaits Trump's visit, braces for protests

    In an incendiary interview , warned that her Brexit plan would "kill the deal" between the USA and Britain on trade. Trump will spend one night in British capital. "I would actually say that she probably went the opposite way".
    Shaqiri cuts holiday short to complete Liverpool move

    Shaqiri cuts holiday short to complete Liverpool move

    Xherdan Shaqiri looks set to become a Liverpool player this weekend, with strong reports of a medical due for Friday. Liverpool made enquiries last month as a deal for Lyon's Nabil Fekir faltered.
  • Marvel Just Announced a BLACK WIDOW Movie

    Marvel Just Announced a BLACK WIDOW Movie

    Shortland's credits include the World War II drama Lore from 2012 and the horror film Berlin Syndrome from past year . Marvel Studios' Black Widow movie is one step closer to happening, as the film has now set a director.
    You Should Stop Eating Kellogg's Honey Smacks

    You Should Stop Eating Kellogg's Honey Smacks

    The CDC puts salmonella illnesses at 1.2 million per year in the United States, 1 million of which are caused by food. It says that regardless of expiration date, the cereal should be thrown away or returned to a retailer for a refund.
    UAE Ministry of Health Recalls Some Anti-Hypertensive Medications Containing Valsartan

    UAE Ministry of Health Recalls Some Anti-Hypertensive Medications Containing Valsartan

    Health Canada says patients taking the drug should check with their pharmacists to learn if their medicine is being recalled. It initiated on-site investigations of 82 companies to check whether the drugs contain NDMA.

Comments

Latest news

Launch pad dating back to early days of space program demolished
The last time there was a launch from either one of the towers was almost seven years ago. In 2004 the first probe to orbit Mercury was also launched from the complex.

Argentina asks Russian Federation to arrest visiting Iran official over 1994 bombing
Iran has also made moves to align closer with China, with Velayati expected to visit Beijing in the near future, Reuters reports .

Mystery surrounds black granite sarcophagus found with alabaster head
This recent finding has left experts baffled because it measures nine foot long and that they do not know who or what lies inside. On the other side of the world, a rare ancient artefact depicting the famous female pharaoh Hatshepsut surfaced in the UK.

Canada's North Atlantic Treaty Organisation troops will stay in Latvia for another four years - Trudeau
According to the CBC , Canada will spend 1.23 percent of its GDP on defense in 2018, down from 1.36 percent past year .

Emmy Award nominations: 'Handmaid's Tale' earns 20 nods
The fantasy dragons-and-swords saga, which already has 38 Emmys under its belt, is not expected back on screens until next year. Others in the category include "black-ish", " Silicon Valley ", " Curb Your Enthusiasm " and " Unbreakable Kimmy Schmidt ".

What Melania Trump will be doing in London
The Queen will meet President Donald Trump at Windsor Castle on Friday, the palace has confirmed. May and Trump are scheduled to hold talks and a joint news conference on Friday.

Trump rattles North Atlantic Treaty Organisation , knocking its value and assailing Germany
Germany spends 1.2 percent of its gross domestic product on defense, while the US spends 3.5 percent. First Lady Melania Trump attend the evening reception and dinner at the 2018 NATO Summit.

Israel to launch first lunar space mission in December
This way, they will raise interest in space among the people in Israel, and will also encourage young generations to study STEM. On the moon, the vessel will transmit data to the control centre at IAI for two days before its systems shut down.

Province drops sex ed curriculum, drawing fire and praise in Windsor
NDP legislator Peter Tabuns said even in the early days of the new Tory government they're not being open about their work. Ford repeatedly vowed that his first act as Premier would be to fire CEO Mayo Schmidt and the board of Hydro One.

Russian poison victim no longer critical, speaking with police
NO traces of nerve agent have been found on a bus used by Dawn Sturgess and Charlie Rowley. It was unclear if Williamson was referring to the attack on the Skripals or a new attack.

Hurricane Chris's eye stares at NASA's Aqua satellite
EDT Wednesday, but the National Hurricane Center suggested people in Atlantic Canada monitor the storm's progress. Looks like another storm right next to Tropical Storm Chris , but it won't ever get named and here's why.

How much do we really spend?
From left: NATO Secretary General Jens Stoltenberg , Prime Minister of the United Kingdom Theresa May , and U.S. And one of the freedoms we have is freedom of speech and the freedom to express your views. "I don't.

Thai cave rescue: Rick Stanton says he is 'not a hero'
The diving was over by this point, but still the way ahead was hard. The 12 Thai boys and their coach before they went into the cave.

Additional Support for Morse Code Soon to Be Added for Gboard
You can anytime switch to the traditional QWERTY keyboard if you don't want to use the alternative communication way. Using Morse Code, people with limitations that prevent them from using other input methods can communicate easier.

Man with no arms is chief suspect in stabbing case
But Tuesday, the 46-year-old transient artist was arrested and accused of stabbing a Miami tourist with a pair of scissors. Crenshaw claimed he acted in self-defense after Coronado punched him in the head, the Herald reports.

Other news