China says it does not want USA trade frictions to escalate


For the first five months of the year, China's trade surplus with USA was $104.85 billion.

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

Sources have told Reuters that President Donald Trump has discussed with trade advisors a Chinese government offer to import an extra $70 billion in United States agricultural and energy commodities, but it is unclear if such as deal would be enough to avert a trade war. It hopes the United States will make joint efforts with China to maintain the stable and healthy development of economic and trade ties between both countries, said Gao. President Donald Trump cites the United States trade deficit with China as a key justification for his protectionist policies that have led to a raft of new tariffs against not just China but key strategic allies including Canada and the EU.

For goods alone, the U.S. trade deficit with China hit a record $375 billion past year, and the White House has demanded Beijing cut the imbalance by $200 billion.

With the deficit showing no signs of reducing, trade tensions between the USA and China are unlikely to dissipate any time soon.

China's export growth in May was 12.6 percent, slightly down from 12.9 percent in April, but well above the 10 percent that economists polled by the Reuters news agency had predicted.

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The era of big trading blocs appears to be over as Trump's protectionist measures saw him first pulling out of the Trans-Pacific Partnership (TPP) in the early days of his presidency and now shake the foundation of the United States while making it all but impossible to replicate this model in the EU.

China's trade surplus with the United States widened to $24.58 billion (17.4 billion pounds) in May, from $22.15 billion in April, customs data showed on Friday, as the world's largest economies are locked in tense trade negotiations.

The total value of China's trade for May came to 400.8 billion dollars. Its imports from the United States rose 11.9 per cent in the same period.

For January-May, the surplus stood at $104.85 billion, compared with about $92.9 billion in the same period a year ago.

US President Donald Trump had threatened tariffs on up to $150 billion of Chinese exports as part of a separate dispute over intellectual property protection in China. During the talks, China promised to expand imports of American farm produce and energy to cut the surplus.

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