China's July exports rise more than expected despite USA tariffs

Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date.China retaliateswith an equivalent set of tariffs.

All the same, China's exports for July rose a bigger than expected 12.2 percent year-on-year, showing little tariff impact for now and beating June's 11.2 percent rise and analysts expectations in a Reuters poll for 10 percent growth.

The Trump administration ramped up the pressure for trade concessions from Beijing last week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.

On Tuesday, the Trump administration said it would begin collecting previously announced 25% tariffs on an additional $16bn of Chinese goods from 23 August.

Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.

President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than US$500 billion past year.

China has already retaliated with duties of its own, and has pledged to match the USA dollar for dollar with new tariffs.

The growth rate was the strongest in almost four years, and Trump said it was further proof his economic policies were working. But given the lack of talks and Trump's unclear goals, the trade war doesn't appear to be close to a resolution.

July figures showed the US' trade deficit with China decrease only slightly.

The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.

March 22:Trump announces plans to hit$50 billion worth of Chinese goods with a 25% tariff.China announces tariffsin retaliation to the steel and aluminum duties and promises a response to the latest USA announcement.

Chinese state media, reflecting the government's stance, has said China will not be cowed in the face of USA threats.

In the meantime, it sought public comment on the new items.

Front page commentary published across all state newspapers by the official Xinhua news agency said: "Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around".

"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems", it said. Chinese President Xi Jinping appeared to relent in ratcheting up trade tensions, suggesting China may reduce tariffs on US auto exports to China.

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