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China trade surplus with United States hits historic high & timing couldn’t be worse

China trade surplus with United States hits historic high & timing couldn’t be worse

On Wednesday, China said it would hit back after Washington escalated their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods.

"This trade dispute will definitely have an impact on China-US trade and will have a very negative impact on global trade", said customs administration spokesman Huang Songping.

Last week, the United States and China introduced tariffs of 25 percent on $34 billion of each other's exports.

-China trade war made markets topsy-turvy on Wednesday, with US stocks breaking a four-session winning streak and Brent crude prices seeing their biggest one-day drop in two years.

"Concerns over trade and trade wars are really having an adverse effect, less so on the USA markets than the worldwide markets, but it is certainly taking a bite". "They are just a trade bully", he told reporters in Geneva.

"We understand internally that Chinese authorities have issued instructions that EU-approved Indian suppliers should be granted the industrial drug licence in an expeditious manner so they can enter the Chinese market within six months", Dua said.

"Still, we do not expect a plunge because those tariffs only targeted $34bn worth of goods which is fairly small compared to China's total trade", she said.

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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 U.S. rose 11.8 percent in the same period.

South Korea, Asia's fourth-largest economy, warned on Thursday that components and materials used in home appliances, computers and communications devices could be caught in the crossfire of the trade war.

Separate customs data on Friday showed imports of commodities from soybeans to crude oil eased compared with a year ago, but China's steel mills and aluminum smelters sold much more overseas spurred by higher global prices amid growing concerns about slowing demand growth.

China imported American goods worth $13.6 billion in June while exporting $42.6 billion to the United States.

A spokesman for the hotel told The Global Times: "Our boss was really angry about the endless tariffs the United States planned to..."

In a sign Beijing is seeking alternative supplies of the commodities as it hit USA imports with extra tariffs, China had dropped import tariffs on a range of animal feed ingredients from several Asian countries.

While China continues to benefit from strong global demand for its goods for now, the rising trade tensions with the USA has the potential to hurt both sides.