BEIJING (Reuters) - China’s trade surplus with the United States swelled to a record in June as its exports accelerated broadly, a result that could further inflame a bitter trade dispute with Washington.
The data came after the administration of U.S. President Donald Trump raised the stakes in its trade dispute with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports, including numerous consumer items.
China’s trade surplus with the United States, which is at the center of the tariff tussle, widened to a record monthly high of $28.97 billion, up from $24.58 billion in May, according to Reuters calculations based on official data going back to 2008.
Trump has demanded Beijing cut its trade surplus with the United States, and the latest result could further inflame trade tensions after both sides last week imposed tit-for-tat tariffs on $34 billion of each other’s goods. Washington has warned it may ultimately impose tariffs on more than $500 billion worth of Chinese goods - nearly the total amount of U.S. imports from China last year.
The dispute has jolted global financial markets, raising worries a full-scale trade war could derail the world economy. Chinese stocks fell into bear market territory and the yuan currency has skidded, though there have been signs in recent days its central bank is moving to slow the currency’s declines.
China’s June exports rose 11.3 percent from a year earlier, beating forecasts for a 10 percent increase according to the latest Reuters poll of 39 analysts, and down from a 12.6 percent gain in May.
“Looking ahead, export growth will cool in the coming months
