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In June, China's trade surplus with America established another record because exports speeded up broadly. The given outcome could further worsen a fierce trade conflict with the United States.
The given data showed up after on Tuesday the US government made up its mind to increase the stakes in its everlasting trade feud with China, stressing it would impose 10% duties on an additional $200 billion worth of China’s export. Among the victims were a lot of consumer items.
As a matter of fact, China's trade surplus with America, which appears to be the center of the duty conflict, extended to a record monthly maximum of $28.97 billion in contrast with May’s reading $24.58. It follows from Reuters calculations built around official data tracing back to 2008.
US leader has wanted the Chinese government to diminish its trade surplus with his country, and the latest outcome could further spark trade tensions after the previous week both countries imposed tit-for-tat duties on $34 billion of each other's products. The US government has warned it can ultimately put duties on more than $500 billion worth of China’s products – approximately the total amount of American imports from China in 2017.
The given dispute has affected global financial markets, spurring concerns that a full-fledged trade conflict could impact the global economy. Apparently, Chinese equities sank, and the Chinese Yuan currency tumbled, although recently there have been signs that the PBOC is moving to have the currency's dips slowed.
In June, China's exports ascended by 11.3% from 2017, confounding estimates for a 10% soar as follows from the latest Reuters survey of 39 experts, and down from May’s 12.6% leap.
After a firm start to the year, surge in China's exports has speeded down, and it’s believed to face more pressure from the first round of American duties.
The US dollar is heading for the best week in three. The market sentiment is mixed as optimism about the global economic recovery was outshined by increasing tensions between the West and China.
Rising yields, potential US tax hikes, and inflation fears worry investors. As a result, the market sentiment is risk-off. Stocks are falling, while the USD and the JPY are edging higher.
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