And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States. President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion past year. The USTR is reviewing 10% tariffs on a further $200 billion in Chinese imports, and is even considering raising the rate to 25%. The world's largest exporter, China is still benefiting from robust global demand even as increasing tensions and rising trade barriers with the U.S. weigh on the outlook.
China's exports surged more than expected in July despite fresh USA duties and its closely watched surplus with the United States remained near record highs, as Washington finalised its new tariff list in a bitter dispute that some fear could derail global growth. For instance, the major complaint is about the theft of United States intellectual property by Chinese firms.
For the first seven months, China took in 260.83 million tonnes, or 8.98 million bpd of crude oil, up 5.6 percent from a year earlier.
"Looking ahead, we expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than U.S. tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation", Capital Economics' Senior China Economist Julian Evans-Pritchard wrote in a note.
The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.More news: US Senator Rand Paul Invites Russian Lawmakers to Washington
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Looking forward, China tends to maintain strong imports, while exports are also likely to hold steady despite uncertainties rising from trade tensions with the United States, Bai said.
May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs.
For January-July, the surplus with the USA rose to $161.63 billion, compared with about $142.75 billion in the same period past year. Customs will begin collecting the duties on 279 product lines, down from 284 items on the initial list, as of 23 August, the US Trade Representative's Office said in an emailed statement on Tuesday.
Beijing has called on USA officials to be "cool headed", but fired back warning it would impose duties on an additional US$60 billion in United States goods, a threat the White House dismissed as "weak".
This latest round makes good on the president's promise in June to impose a 25% tariff on $50 billion in Chinese goods. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on objective.