Begin typing your search above and press return to search.
exit_to_app
His name is Khan, after all
access_time 2021-10-17T20:33:29+05:30
Five years on,  Najeeb still missing
access_time 2021-10-14T11:35:37+05:30
access_time 2021-10-13T13:28:12+05:30
More than just an award, a message
access_time 2021-10-11T09:31:16+05:30
Facebook with a saffron tinge
access_time 2021-10-09T11:15:52+05:30
DEEP READ
exit_to_app
Homechevron_rightBusinesschevron_rightChina's exports beat...

China's exports beat forecast to rise as trade war heats up

text_fields
bookmark_border
cancel
camera_alt""

Beijing: China's exports beat gloomy forecasts to rebound in May though imports sank more than expected as the trade war with the United States heats up, official data showed Monday.

The spat between the world's top two economies escalated last month, with President Donald Trump increasing tariffs on USD 200 billion in Chinese goods.

But Chinese exports to the world bounced back to rise 1.1 per cent last month after falling 2.7 per cent in April, according to customs data.

Analysts surveyed by Bloomberg News had forecast a 3.9 per cent drop.

Imports, however, plummeted 8.5 per cent after rising 4.0 per cent in April.

The trade surplus surged to USD 41.7 billion in May compared with USD 13.8 billion the previous month.

Trade talks between the United States and China have stalled while the two countries have threatened to slap more sanctions on each other.

Trump has blacklisted Chinese telecom giant Huawei and warned that he could impose tariffs on nearly all remaining products from China, worth more than USD 300 billion.

Beijing responded to Trump's latest tariff hike by increasing levies on USD 60 billion in US products on June 1.

China is also preparing its own blacklist of "unreliable" companies and has suggested that it could halt exports of rare earths -- key to the production of many high-tech goods -- to the United States.

Trump is expected to meet Chinese President Xi Jinping at the G20 summit in Japan at the end of the month.

US Treasury Secretary Steven Mnuchin said at a G20 meeting of finance ministers Saturday that any potential deal with China will wait until the two presidents meet later this month, but Washington was ready to impose new tariffs if talks fail.

Show Full Article
TAGS:
News Summary - China's exports beat forecast to rise as trade war heats up
Next Story