China's July exports rise more than expected despite USA tariffs

Lamar Ellis
August 8, 2018

Beijing has already threatened to retaliate against USA products in kind, warning Washington against "blackmailing and pressuring".

China's July exports rose 12.2 percent from a year earlier, beating forecasts for a 10 percent increase according to the latest Reuters poll, and up from a 11.2 percent gain in June. The tariffs go into effect on August 23.

Although the move was expected, it cements the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies.

United States industries and farmers have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by Chinese duties on crops such as soybeans. After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the us trade deficit with China, among other things.

Several industry bodies in the United States representing agribusiness, retail and technology have said the Trump administration's tariffs are hurting them and will cause long-term damage to farmers, manufacturers and consumers.

The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.

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The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China.

The Office United States Trade Representative (USTR) announced the tariffs in a statement released on Tuesday afternoon US time.

Economists had forecast the surplus would be $39.33 billion in July, compared to a surplus of $41.47 billion in June.

It will be the second time the USA slaps duties on Chinese goods in about the past month, despite complaints by American companies that such moves will raise business costs and eventually consumer prices.

Talks between China and the US have failed to produce an agreement on the issue, prompting China to retaliate with tariffs of its own and US President Donald Trump to escalate his threats. And Mr. Trump has threatened to impose tariffs on virtually everything China sells to the United States.

"Hours before the tariffs on $34 billion went into effect, Trump told reporters aboard Air Force One, "...as you know we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance". Last year, China imported about $130 billion of USA goods.

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