China's exports surged more than expected in July despite fresh U.S. 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.
The move is the latest escalation of President Donald Trump's trade war with China.
It's the latest salvo in their tit-for-tat trade battle. For instance, the major complaint is about the theft of United States intellectual property by Chinese firms.
"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.
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The 25 percent tariffs will go into effect August 23, targeting cars, crude oil, natural gas and coal. Year-on-year, the growth of China's exports to the U.S. slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.
"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.
His administration confirmed that its trade assault would soon cover more than $50 billion of products from China. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods.
ANZ senior China economist Betty Wang said Beijing will likely resist using its closely managed currency as a tool in the trade war.
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Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the USA - a move that would blow open the disagreement between the countries.
May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs.
The latest U.S. tariffs on 279 products, including motorcycles, speedometers and antennas, will also take effect August 23.
August 1: Washington more than doubles the value of its tariff threats against Beijing, announcing plans to increase the size of proposed duties on $200 billion worth of Chinese goods to 25% from 10%.
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The gauge includes part-time workers who'd prefer a full-time position and people who want a job but aren't actively looking. Health care and social assistance grew by 34,000 jobs, and food services and drinking places by 26,000 jobs, the report said.
Farmers and USA industries have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by duties on crops such as soybeans.