China trade surplus with USA hits record high in June

The official declined to be identified since he is not authorised to speak to the media

Trump has launched a barrage of "Section 301" trade tariffs, punishing what he says is China's theft of intellectual property and unfair industrial policies. "Instead of respond to our legitimate concerns, China took retaliatory measures against American goods", said US trade representative Robert Lighthizer.

China's June exports rose 11.3 per cent from a year earlier, beating forecasts for a 10 per cent increase according to the latest Reuters poll of 39 analysts, but down from a 12.6 per cent gain in May. As a matter of fact, underlying problems in the American economy and society are purely caused by domestic, structural reasons in the United States. In 2017, China paid 28.6 billion US dollars worth of IPR royalty, a 15-fold increase from 2001 when China joined the World Trade Organization.

BEIJING (AP) - China tried to step up pressure on Washington in their growing tariff war Thursday by suggesting USA companies lobby American leaders, while a Korean union warned President Donald Trump's threat of higher auto import duties could lead to job losses in Alabama. The sign added: "The US provoked a trade war, we vow to accompany it to the end!" The real question is whether the trade war between China and the USA means that two long-standing neoclassical economic dogmas, free trade and competitive advantage, can be said to be dead now. This will not only disrupt the environment for India's economic development, resulting in fluctuations in currencies and oil and other commodities, but also undermine "Made in India", and slow down the economy as a whole. The most important priority amid today's Trump-induced turmoil is to ensure that such challenges are not exacerbated by harmful restrictions on trade.

China has a "great potential consumer market that is steadily more open", said Gao.

Wang Jiangyu, a trade expert at the National University of Singapore, said attacking U.S. firms could backfire. Some economists think that the impact of United States tariffs could be far more limited, with China having already made domestic consumption a big part of its GDP. The tariffs are typical unilateralism, protectionism and trade bullying.

To be sure, the United States can exert pain over Chinese companies, too.

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India-China Friendship seems to be progressing from tariffs imposed by the Trump Administration.

At Thursday's hearing, Republican Representative Ann Wagner said her state of Missouri is feeling the "present-day" impact of the trade war. Beijing criticised the measure but has yet to say how it might respond.

But China's continental economy of 1.4bn people could achieve nearly all possible economies of scale while still maintaining intense internal competition; in principle, India could, too.

The difference between China's exports to the USA and its imports from the world's largest economy expanded to a monthly high of $29bn (£22bn), up from $24.6bn in May. But worries about the long-term impact of reduced global trade may be exaggerated, and the hope of keeping China down has no chance of being fulfilled. At present, many WTO members have already taken countermeasures against the United States and requested consultations with the United States under the WTO dispute settlement mechanism. But a trade war that involves food won't hurt just food producers, writes Baylen Linnekin.

VI. China will continue to firmly push ahead with reform and opening according to the plans and pace that are set, and work with the rest of the world to firmly uphold free trade and the multilateral trading system. The reality is a global economic force with a proud and ambitious leadership that bases its legitimacy on restoring Chinese power.

The Chinese support for free trade and globalization comes as it has been able to secure competitive advantage by reducing labour costs and providing state support.

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