US sanctions were intended to penalize China but intensified the devaluation of the yuan, which registered the lowest price in months against the dollar


 Trump accuses China of unfair competition and technology theft (Rawpixel / Thinkstock)
China posted a higher-than-expected increase in exports in July and its trade surplus with the United States fell slightly, two signs that Washington's tariffs on Chinese products have had a limited impact so far.
The Asian country last month recorded a surplus of $ 28.09 billion in trade with the United States, well ahead of a record $ 28.9 billion (revised) figure set in June, according to the country's Customs.
The colossal surplus, which increased by 11% compared to July 2017, "will not help to calm the escalation of tension between the two powers in the midst of the commercial war," says ANZ's Betty Wang.
These are the first figures on trade between the two countries since Washington began applying, in early July, tariffs of 25% on $ 34 billion in imported Chinese goods.
US President Donald Trump, who accuses China of unfair competition and theft of technology, hopes in this way to curb the imbalance of bilateral trade. Beijing responded with import tariffs of the same value on United States products.
"Chinese exports to the United States registered a slight slowdown, which suggests a certain impact of US tariffs," acknowledges Julian Evans-Pritchard of Capital Economics.
"But it has little effect at the moment on the overall growth of China's foreign trade," he explains.
With the rest of the world, China's exports rose 12.2% in July at an annual rate.
Despite the downward trend in exports to the European Union and the United States, China's two main partners, the movement accelerated in the case of developing markets, taking advantage of the drastic devaluation of the Chinese currency.
Irony of fate: American sanctions, which were intended to penalize Beijing, intensified the devaluation pressure of the yuan, which had the lowest price in almost a year against the dollar, which ultimately benefits Chinese exporters.
Imports of the Asian giant rose 27.3% year-on-year last month, up from 14.1% in June. Thus, the Chinese trade balance fell in July to 28 billion dollars, against US $ 41.5 billion the previous month.
Imports from Southeast Asia, the European Union and Australia grew 30%, 20% and 34%, respectively, "suggesting that China seeks other suppliers" outside the United States, notes Betty Wang.
But the general opinion is one of rapid change.
"We have not yet seen the full impact of US tariffs and we will have a better idea in August," says Iris Pang, an ING economist, quoted by Bloomberg.
In addition, the crisis remains: Washington confirmed on Tuesday that, as of August 23, it will apply tariffs of 25% on another 16 billion dollars of imported Chinese products. Beijing promises reprisals.
The "eye-to-eye" tariff strategy can have its limits because China imports almost four times less than it exports to the United States.

China resists trade war in July with increased exports

US sanctions were intended to penalize China but intensified the devaluation of the yuan, which registered the lowest price in months against the dollar


 Trump accuses China of unfair competition and technology theft (Rawpixel / Thinkstock)
China posted a higher-than-expected increase in exports in July and its trade surplus with the United States fell slightly, two signs that Washington's tariffs on Chinese products have had a limited impact so far.
The Asian country last month recorded a surplus of $ 28.09 billion in trade with the United States, well ahead of a record $ 28.9 billion (revised) figure set in June, according to the country's Customs.
The colossal surplus, which increased by 11% compared to July 2017, "will not help to calm the escalation of tension between the two powers in the midst of the commercial war," says ANZ's Betty Wang.
These are the first figures on trade between the two countries since Washington began applying, in early July, tariffs of 25% on $ 34 billion in imported Chinese goods.
US President Donald Trump, who accuses China of unfair competition and theft of technology, hopes in this way to curb the imbalance of bilateral trade. Beijing responded with import tariffs of the same value on United States products.
"Chinese exports to the United States registered a slight slowdown, which suggests a certain impact of US tariffs," acknowledges Julian Evans-Pritchard of Capital Economics.
"But it has little effect at the moment on the overall growth of China's foreign trade," he explains.
With the rest of the world, China's exports rose 12.2% in July at an annual rate.
Despite the downward trend in exports to the European Union and the United States, China's two main partners, the movement accelerated in the case of developing markets, taking advantage of the drastic devaluation of the Chinese currency.
Irony of fate: American sanctions, which were intended to penalize Beijing, intensified the devaluation pressure of the yuan, which had the lowest price in almost a year against the dollar, which ultimately benefits Chinese exporters.
Imports of the Asian giant rose 27.3% year-on-year last month, up from 14.1% in June. Thus, the Chinese trade balance fell in July to 28 billion dollars, against US $ 41.5 billion the previous month.
Imports from Southeast Asia, the European Union and Australia grew 30%, 20% and 34%, respectively, "suggesting that China seeks other suppliers" outside the United States, notes Betty Wang.
But the general opinion is one of rapid change.
"We have not yet seen the full impact of US tariffs and we will have a better idea in August," says Iris Pang, an ING economist, quoted by Bloomberg.
In addition, the crisis remains: Washington confirmed on Tuesday that, as of August 23, it will apply tariffs of 25% on another 16 billion dollars of imported Chinese products. Beijing promises reprisals.
The "eye-to-eye" tariff strategy can have its limits because China imports almost four times less than it exports to the United States.

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