China June trade surplus with U.S. rises 11% to $29.92 billion

China June trade surplus with U.S. rises 11% to $29.92 billion - MarketPulseMarketPulse

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China’s trade surplus with the United States, a major source of friction with its biggest trading partner, rose 11% in June to $29.92 billion from $26.9 billion in May, customs data showed on Friday.

For the first half of 2019, China’s trade surplus with the U.S. rose 5% to $140.48 billion, from $133.76 billion in the same period in 2018.

China’s imports from the U.S. slumped 31.4% in June from a year earlier, following a near 27% drop in May. Its exports to the U.S. fell by a sharper 7.8% in June, compared with a decline of 4.2% in May.

June marked the first full month of higher U.S. tariffs on $200 billion of Chinese goods, which Washington announced weeks earlier after trade talks between the world’s largest economies broke down.

Though both sides agreed in late June to resume negotiations, and Washington said it would hold off on additional levies, existing tariffs remain in place.

No timeframe has been set for the new round of trade talks, and the two sides remain at odds over significant issues needed for an agreement, raising the risk of a much longer and costlier battle that will weigh heavily on the global economy.

Reuters

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Dean Popplewell

Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.

Dean Popplewell

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