China's trade surplus with United States swells in June

20180706-China-US-trade-chart-NEW

Trump has battled China in recent months over trade issues, most recently announcing a potential $200 billion sanctions package targeting the country over what he says are unfair trade practices.

"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, the senior China economist at Capital Economics in Singapore, said.

The figures come a week after the trade war between the two began, with the United States imposing tariffs on $34bn of Chinese goods, and China retaliating.

Even so, the US dollar hit a six-month high against the safe-haven Japanese yen as currency traders put trade worries aside and focused on Labor Department data that showed producer prices rising more than expected.

Earlier on Thursday, 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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A trade war between Washington and Beijing has led some Chinese hotels and restaurants to begin raising prices for American customers in an unofficial form of retaliation.

Earlier this week Donald Trump proposed a 10% tariff on $200bn of Chinese goods entering the U.S., saying that tariffs already in place on steel and aluminium imports and $34bn of goods had failed to force significant reforms by Beijing.

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

He told ABC News his company, IncredibleGifts, typically imports the red hats from China and embroiders them in the U.S. But now the company may have to complete both tasks in the U.S., which could raise prices significantly.

Imports grew 14.1 percent in June, customs said, missing analysts' forecast of a 20.8 percent growth, and compared with a 26 percent rise in May.

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China imported American goods worth $13.6 billion in June while exporting $42.6 billion to the United States.

Amy Zhuang has warned that there could be knock-on effects if the United States proceeds with its proposal for a new round of tariffs on $200bn of Chinese goods.

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.

China said the two sides were not discussing restarting trade negotiations.

The data could renew longstanding criticism from the United States and Europe that the world's top metal producer is selling its surplus product overseas, hurting foreign rivals.

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North Korea also accused the United States of trivializing the significance of suspending military exercises with South Korea. China is North Korea's closest partner but had previously helped the USA exert pressure on Kim over his nuclear program.

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