The US trade deficit with China hit a record high in June, according to a Reuters analysis, despite President TrumpDonald John TrumpGiuliani: Trump interview with Mueller "further away" ACLU calls for Trump officials to hand over info on immigrant children Kushner to join Pompeo for meetings with Mexican leaders MORE's efforts to alter the trade relationship between the world's two largest economies. This is the highest surplus in any month since 1999.
Exports rose 11.3 per cent over a year earlier to $216.7 billion, down from May's 12.6 per cent growth, customs data showed Friday.
"Still, we do not expect a plunge because those tariffs only targeted $34 billion worth of goods which is fairly small compared to China's total trade", she said. The trade surplus was 261.88 billion yuan last month, official data showed.
China is running out of American goods for retaliatory tariffs due to their lopsided trade balance.
This prompted Beijing to accuse Washington of launching the "largest trade war" in economic history, while immediately matching the USA tariffs dollar for dollar.
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.
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Firing the first shots in a trade war that has rattled financial markets and raised risks to the global economy, Washington last week imposed 25 percent tariffs on $34 billion of Chinese imports, drawing rapid retaliatory duties by Beijing on the same amount of U.S. exports to China. So far, encouraged by strong job growth and expectations of good quarterly earnings reports, USA markets have been strong and the Australian market has reached a 10-year record high.
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.
"There will be challenges facing foreign trade with rising instabilities and uncertainties in the global environment, " said a Chinese customs agency report. "Not only will Chinese exporters suffer but American consumers as well", she said.
Imports increased by 14.1%, below the forecast 21.3%.
For January-June China's trade surplus with the United States rose to $133.76 billion, compared with about $117.51 billion in the same period a year ago.
"So we would be back to square one", Mr Kuo said, with China exporting more to the U.S. than it buys from the country.