United States is 'a trade bully' says Chinese minister of commerce

China trade surplus with US widens unexpectedly

China's June exports jump, surplus with US at record high

Over the first six months of the year the surplus climbed to US$133.8 billion, up 13.8 percent from last year, as total two-way trade continued to expand despite the face-off.

The figures come after the two sides exchanged tit-for-tat tariffs on billions of dollars worth of goods and US President Donald Trump threatened to up the ante with measures on a further US$200 billion of Chinese imports.

"China has during this period become a major engine for world economic recovery and growth, contributing almost 30 percent on average per annum to global economic growth", Wang said.

Consequently, Beijing responded with its own levies on US goods worth $34 billion. That has prompted concern regulators might expand retaliation to trying to hamper operations of American companies in China.

Rep. Kevin Brady joins "Sunday Morning Futures" to discuss the Trump administration's tariffs and the second phase of tax cuts. Beijing criticized the measure but has yet to say how it might respond.

While Brady supports the president's efforts to challenge China - the second-largest economy in the world behind the USA - he believes Trump and Chinese President Xi Jinping should meet to work on crafting a new trade policy that would ease the burden on US businesses and the economy.

"Exports rose 11.3% y/y (consensus 9.5%), while imports rose 14.1% y/y (consensus 21.3%)".

A man waits for the goods to be load on his tricycle at a dealer selling imported seafoods at the Jingshen seafood market in Beijing, Thursday, July 12, 2018.

China's trade surplus was larger than expected in June at $41.6bn from $24.92bn in May, notes the research team at TD Securities.

Beijing's tariff battle with President Donald Trump has rattled businesses that worry trade and investment will be disrupted.

"To round out the picture China's trade surplus with the European Union grew on a 12m basis, rising to $131.8bn, while China maintained a deficit with Japan of $-33.bn and the surplus with the rest of Asia continued to narrow, falling to $65.8bn, its lowest since July 2014".

The surplus with the 28-nation European Union, the country's second-largest trading partner, expanded by 33.6 percent to $16.3 billion.

European Council President Donald Tusk said on Monday China, the United States and Russian Federation had a duty not to start trade wars and called on the three countries to reform the World Trade Organization. "Import growth is set to slow further as domestic headwinds from property controls and weaker investment spending continue to intensify".

Latest News