China trade surplus with United States hits record $29bn high

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Beijing said China's surplus with the U.S. hit an all-time high $28.97 billion last month, while exports to the country hit a record $42.62 billion.

Metal prices also slumped after U.S. President Donald Trump's threat overnight of 10 percent tariffs on another $200 billion of Chinese goods dampened hopes that Washington will eventually step back from the escalating row.

It's due on the one hand to the Trump administration's plans to impose mind-numbingly stupid tariffs on China and other US trade partners and, on the other hand, by retaliatory tariffs imposed by China and others in return.

Earlier this week Donald Trump proposed a 10% tariff on $200bn of Chinese goods entering the United States, 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.

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

"Not only will Chinese exporters suffer but American consumers as well", she told the BBC.

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The ministry encouraged companies to increase import of soybean, soymeal, vehicles, aquatic products from other markets.

Statistics showed that in the first six months of the year, China's exports to the USA rose 13.6 percent from a year earlier, while imports from the USA increased by 11.8 percent.

In a sign Beijing is seeking alternative supplies of the commodities as it hit USA imports with extra tariffs, China had dropped import tariffs on a range of animal feed ingredients from several Asian countries.

The trade balance between the two countries, which is at the centre of the trade dispute, continued to move in favour of China.

The inflation data bolstered the USA dollar, which rose to a six-month high against the Japanese yen and a two-month high against the Swiss franc. Its trade surplus with the United States over the same period was $133.76bn, up from $117.51bn past year.

Official data shows China's monthly trade surplus with the USA was almost 29-billion-dollars.

China logged a trade surplus of $41.61 billion for the month, compared with forecasts for a $27.61 billion surplus in June and a surplus of $24.92 billion in May.