China claims Trump's trade actions make United States 'enemy to all'

13 Juillet, 2018, 12:26 | Auteur: Anatole Charbonneau
  • How a trade war with China hurts US farmers

China reported a trade surplus of $41.61 billion in June, compared with $24.92 billion in May, the General Administration of Customs said Friday. Washington has warned it may ultimately impose tariffs on more than $500 billion worth of Chinese goods - almost the total amount of US imports from China previous year.

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

"Looking ahead, export growth will cool in the coming months as USA tariffs start to bite alongside a broader softening in global demand", Capital Economics analyst Julian Evans-Pritchard said in a statement.

However, a lower yuan would make it more expensive for China to import USA goods.

Analysts expect to see the impact of the tariffs in July's figures.

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.

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This week, Washington threatened to impose 10% tariffs on another $200bn of Chinese imports.

In yuan terms, China's exports grew 3.1% in June and imports rose 6.0%.

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.

David Kuo, chief executive of the Motley Fool Singapore, said "US tariffs will increase the cost of Chinese imports but they are unlikely to deter U.S. consumers entirely".

The spiralling battle with Beijing shows no signs of cooling down, and observers warn the impact will begin to hurt soon as China's economy struggles with slowing growth just as leaders try to battle a worryingly large debt mountain.

Separate customs data on Friday showed imports of commodities from soybeans to crude oil eased compared with a year ago, but China's steel mills and aluminum smelters sold much more overseas spurred by higher global prices amid growing concerns about slowing demand growth. Separate data showed Chinese shipments to USA ports rose more than expected in June, suggesting some retailers moved up orders to insulate themselves from an intensifying trade war that threatens to send up costs on a growing number of consumer products.


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