China commerce ministry official says new US tariff…

China trade surplus with US widens unexpectedly

China trade surplus with US widens unexpectedly

The increase came as total trade between the world's top two economies rose 13.1 percent for the first half of the year, despite the face-off, which has seen tit-for-tat tariffs on billions of dollars worth of goods and warnings of more to come. China retaliated with higher duties on a similar amount of American goods.

Democratic Chicago Mayor Rahm Emanuel, on a mission to salvage business deals threatened by a tariff war, says Chinese officials expressed confidence during his visit to Beijing that they can survive the spiraling dispute with Washington.

Wang Shouwen, China's vice minister of commerce and deputy China global trade representative, made the remarks at a press briefing on a white paper titled "China and the World Trade Organization".

The imbalance is at the heart of Trump's anger at what he describes as Beijing's unfair trade practices that are hurting USA companies and destroying jobs. Beijing vowed "firm and forceful measures" in response, but China's lopsided trade balance means it can not match the full scale of American tariff hikes.

India has flagged concerns of its large trade deficit with China, visa restrictions for Indian professionals and the challenges faced in exporting IT services, meat, rice and medicines to Beijing at the World Trade Organization (WTO). He noted Tesla Inc.'s announcement this week of plans to build a factory in Shanghai.

Beijing will back away from its war on debt and roll out policy-easing measures, China economist at Nomura investment bank Ting Lu (陸挺) said in a research note, as it faces potential trade war fallout and a domestic slowdown proving to be worse than expected.

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"The best solution is for China finally to take the initiative to fully and effectively embrace open, market-oriented policies", he said.

As for negotiations, he said, "the two sides have not been in touch about re-starting talks".

The market's resilience follows the US and China just a week ago exchanging $34 billion worth of tariffs, in addition to the steel and aluminum duties that were already in effect.

The Alabama factory "could be the first one to be shut down, putting some 20,000 American workers at risk of layoffs", said a union statement. "They would rather work something out, but they're not scared if this is where it goes". The European Union warned auto tariffs could lead to global retaliation.

"The cumulative tariffs that both countries are beginning to implement will harm each other's economies and jobs", said John Frisbie, president of the U.S.

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