Chinese exports accelerate even as Trump escalates trade war

Trump going ahead with taxes on $16B in Chinese imports

The world's two biggest economies are caught up in a trade dispute over Washington's allegations that China uses predatory tactics, including outright cybertheft, in a drive to supplant US technological supremacy.

Imports also rose much faster in July thanks to still solid domestic demand, official data showed on Wednesday, with purchases of commodities like copper and iron ore rising from June.

China's exports soared in July, showing little impact from U.S. tariffs, as Washington finalises more duties on Chinese imports.

The Trump administration has finalized a new round of 25 percent tariffs on an additional $16 billion in Chinese imports.

Last year, China imported about $130 billion of USA goods.

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China's surplus with the United States shrank marginally to $28.09 billion last month from a record $28.97 billion in June.

Washington imposed tariffs on $34 billion of Chinese products on July 6.

Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the U.S. - a move that would blow open the disagreement between the countries.

Although the move was expected, it cements the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies that have continued to exchange threats. And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States.

The Trump administration has maintained that the tariffs are necessary to force China into changing economic behavior it says harms the US.

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"Looking ahead, we expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than United States 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.

April 4: China rolls out a listof more than 100 United States goods worth roughly $50 billion that are subject to retaliatory tariffs.

According to the Chinese Ministry of Commerce, the measure will come into effect on August 23, the same day as America's latest levies.

Over the weekend, Trump said he had the upper hand in the trade war, while Beijing responded through state media by saying it was ready to endure the economic fallout. After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the US trade deficit with China, among other things.

It has not yet given a date for its previously announced retaliatory tariffs on $16 billion in United States goods, which will target commodities such as crude oil, natural gas, coal and some refined oil products.

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