China June trade surplus with USA rises 11% to $29.92 billion

Daniel Fowler
July 12, 2019

China's trade surplus with the United States widened by 3 percent to $29.9 billion.

Data out Friday showed that the hostilities are taking a toll.

US President Donald Trump complained that China hasn't increased its purchases of American farm products, a promise he said he had secured at a meeting with Chinese President, Xi Jinping, at the Group of 20 summit last month.

The charts above are based on worldwide trade data reported by the U.S. Census Bureau, which were recently updated to include May 2019.

Chinese imports of US goods fell 31.4% from a year earlier to $9.4 billion, while exports to the American market declined 7.8% to $39.3 billion, according to Chinese customs data.

Two days earlier, Kudlow told CNBC that Trump wanted a trade deal with China, but the remaining unresolved issues between the two sides presented a "tough" situation. And a substantive solution likely would require China to scale back its ambitions to become a world leader in advanced technologies such as artificial intelligence and electric cars.

The Commerce ministry's Gao declined to provide more information on the details of the call and plans for more talks in the next stage.

Mr Xi and Mr Trump agreed to restart trade talks between their countries at the meeting, and the United States president said he would hold off on imposing additional tariffs on Chinese imports.

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"Our base case remains that trade talks will break down again before long", said Julian Evans-Pritchard of Capital Economics in a report.

In addition to opposing sharp-elbowed Chinese tech policies, the United States wants Beijing to buy more US products and to narrow America's trade deficit with China - a record $381 billion previous year.

Trade weakness has added to pressure on Xi's government to shore up economic growth and avoid politically risky job losses.

"China is going to be buying a tremendous amount of food and agricultural product, and they're going to start that very soon, nearly immediately".

In the financial markets, Trump's tweet was reacted with some shock.

Mr Trump also claimed that China, in exchange, has agreed to buy a "tremendous amount" of American food and agricultural products. "Hopefully they will start soon!" the president wrote.

Washington has already imposed 25% of tariffs on US$250 billion of Chinese goods and China has retaliated with tariff hikes on US$60 billion of United States goods.

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