China's trade surplus with United States grows

China offers to buy $70 bln of US goods says official

Justin Yifu Lin, former chief economist and senior vice-president of the World Bank from 2008 to 2012, said the USA should be aware that exporting more energy and agricultural products to China will not fundamentally change the situation of the trade deficit with China, and what China wishes to import from the U.S. is its high-tech products and related services.

The US-China trade deficit reached USD105 billion between January and May, about USD11.6 billion more than in the first five months of previous year.

US Commerce Secretary Wilbur Ross (left) chats with Chinese Vice Premier Liu He after their meeting at the Diaoyutai State Guesthouse in Beijing, on June 3, 2018.

It is US President Donald Trump's common practice to ratchet up the stakes in this way in a bid to leverage concessions. "China trade negotiations raises hopes that a sharp downturn in shipments can be avoided". Imports from South Korea rose 31.8 percent in May. "But progress in U.S".

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The Chinese Commerce Ministry said Thursday that the country did not want an escalation of trade tensions with the USA, pointing to "some specific progress" that was made in the most recent round of talks between the two nations.

Imports rose 26 percent from a year ago to $187.9 billion, up from April's 21.5 percent growth, customs data showed Friday. Our second chart shows the combined value of that trade in terms of US dollars for each month over the past 10 years, along with its trailing-twelve month average.

China's trade surplus narrowed in May, driven lower by a surge in imports.

Still a widening in China's surplus with the United States is likely to further irritate Washington.

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China's political sensitive trade surplus with the United States widened in May from a year earlier, while its total global surplus shrank as imports accelerated.

Despite the settlement, there was no sign Trump had veered from plans to impose as much as $50bn in tariffs on Chinese imports to punish Beijing for its alleged theft of American technology and know-how.

The administration has said that a final list of goods for a first wave of duties will be issued next week, and that US Treasury Department plans to limit Chinese investment in the United States were also under way.

So far, China's customs hasn't released final April commodities trade statistics which had been due on May 23, and some traders have speculated that Beijing may want to hide statistics that could somehow undermine its negotiating stance.

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