“Shipments in and out of China held up better
than expected last month, but a sustained
turnaround still looks unlikely in the near-term,”
said Julian Evans-Pritchard of Capital Economics
in a report.
China’s central bank rattled global financial
markets this week by allowing its yuan to
weaken to an 11-year low against the U.S. dollar.
That would make Chinese goods less expensive
abroad but the currency’s 5% decline this year
against the dollar is too small to completely
offset U.S. tariffs of 25% percent.
China’s global trade surplus widened by 60%
over a year ago to $45.1 billion.
The surplus with the United States was little
changed but stood at $28 billion, a level that
might fuel American pressure for Chinese
concessions in trade talks.
Imports of U.S. goods were down 28.3% in the
first seven months of 2019 compared with a year
earlier, according to the General Administration
of Customs of China.
Washington and Beijing are locked in an
increasingly costly tariff war over U.S. complaints
China steals or pressures companies to hand
over technology. The United States and other
Chinese trading partners complain Beijing’s
plans for government-led development of
global competitors in robotics and other fields
violates its market-opening commitments.
Trade has weakened since Trump started hiking
tariffs on Chinese goods last June. Beijing
retaliated with its own penalties and ordered
importers to find non-U.S. suppliers.
The fight has battered exporters on both sides
and disrupted trade in goods from soybeans to
medical equipment.
vip2019
(vip2019)
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