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China's trade surplus with United States swells in June

China's trade surplus with United States swells in June

Even so, the USA 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.

The record surplus "won't help already sour relations and escalating tensions", Jonas Short, head of the Beijing office at Everbright Sun Hung Kai, wrote in a note.

"Those talks produced progress, so much so that the USA government said they would put the trade war on hold, but all of a sudden an announcement was made to impose tariffs on imports from China". "Trade wars are not easy to win", he said. Chinese stocks fell into bear market territory and the yuan currency has skidded, though there have been signs in recent days its central bank is moving to slow the currency's declines.

China's total exports rose 11.3% year-on-year in June, beating a Bloomberg News forecast of 9.5%. "Not only will Chinese exporters suffer but American consumers as well", she said.

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 U.S. tariffs.

The United States and China could reopen talks on trade but only if Beijing is willing to make significant changes, U.S. Treasury Secretary Steven Mnuchin said on Thursday.

-China trade war made markets topsy-turvy on Wednesday, with US stocks breaking a four-session winning streak and Brent crude prices seeing their biggest one-day drop in two years.

For January-June China's trade surplus with the United States rose to $133.76 billion, compared with about $117.51 billion in the same period a year ago.




Industrial metals copper, zinc and lead all slumped as much as 4 percent to their lowest levels in about a year over worries that the trade dispute could dent China's commodity-hungry economy. Both official and private business surveys reported softer export orders last month.

The news came as the two economic superpowers stand on the brink of an all-out trade war that would have a huge negative impact globally.

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.

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

Exports rose 11.3 per cent over a year earlier to $216.7 billion, down from May's 12.6 per cent growth, customs data showed Friday.

Amy Lee, manager of The Hat Depot, a New Jersey-based company that also sells the unofficial MAGA hats, said the hats are a big product for her company as well.

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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