China says 'bully' United States started a trade war

20180706-China-US-trade-chart-NEW

China's trade surplus with the United States swelled to a record in June as its overall exports grew at a solid pace, a result that could further inflame a bitter trade dispute with Washington.

Against this overall background, Australia is in the fortunate position of avoiding a trade dispute with the U.S. and largely being spared from the impact of the new USA tariffs.

China's exports to the United States rose 13.6 percent in the first half of 2018 from a year earlier, while its imports from the US rose 11.8 percent in the same period.

The record deficit last month threatens to irritate the White House, which wants to see the extra tariffs on imports reversing the recent trend.

"Those talks produced progress, so much so that the U.S. government said they would put the trade war on hold, but all of a sudden an announcement was made to impose tariffs on imports from China".

The United States has started a trade war and China will defend itself, Chinese vice-minister of commerce Wang Shouwen said on Thursday (July 12), urging the United States to "take the gun" of tariffs away to smooth the way for talks. That leaves about $80 billion for penalty tariffs after Beijing's previous increases either imposed or threatened on a total of $50 billion of USA goods are counted. Its trade surplus with the United States over the same period was $133.76bn, up from $117.51bn a year ago. China said the two sides were not discussing restarting trade negotiations.

US President Donald Trump had already threatened to impose additional tariffs if China - the world's largest exporter - retaliates.


China's commerce ministry confirmed last month that Chinese exporters were front-loading exports to the U.S.to get ahead of expected tariffs - a situation that could exacerbate any slowdown in shipments towards the year-end.

"There will be challenges facing foreign trade with rising instabilities and uncertainties in the global environment, " said a Chinese customs agency report.

"Targeting such a large amount of basic consumers will inevitably have an effect on USA inflation".

China's commerce ministry confirmed last month that Chinese exporters were front-loading exports to the USA to get ahead of expected tariffs - a situation that could exacerbate any slowdown in shipments toward the year end.

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 USA consumers entirely".

Imports grew 14.1 percent in June, customs said, missing analysts' forecast of a 20.8 percent growth, and compared with a 26 percent rise in May. "Trade wars are not easy to win", he said.

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