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Media Report
July 13 , 2018
  • CNBC：China's trade surplus with the US hit a record high in June
    CNBC reports: "China on Friday reported that its trade surplus with the U.S. grew to $28.97 billion in June, according to data from China's customs office. In May, the surplus had been $24.58 billion. The new surplus is the highest on record, according to Reuters calculations. Overall, China said both its imports and exports with the U.S. rose in the first half of 2018. Exports to the world's largest economy rose 5.7 percent against the prior year-ago period in yuan terms, said the customs office. Imports from the U.S., meanwhile, correspondingly rose 4 percent. The politically-sensitive data came amid escalating trade tensions between U.S. and China."
  • The New York Times：As Trade War Persists, Mnuchin Says China Talks Have 'Broken Down'
    The New York Times reports: "The trade war between the United States and China showed no signs of yielding as Steven Mnuchin, the Treasury secretary, told lawmakers there was no clear path to resolution and Beijing blasted the administration over its approach. Mr. Mnuchin, who has tried to avoid calling the trade tensions with China a "war," said talks with Beijing had "broken down" and suggested it was now up to China to come to the table with concessions. President Trump, speaking in Brussels on Thursday, described the trade talks with China as a "nasty" battle. The Chinese, meanwhile, accused the United States of "acting erratically" and said the administration had "blatantly abandoned the consensuses that two sides have reached and insisted on fighting a trade war with China." Republicans and Democrats on the House Financial Services Committee showed little patience for Mr. Mnuchin's answers about the lack of progress, repeatedly pressing him about whether there was a strategy to resolve the trade war and expressing concern that it was starting to hurt parts of the economy."
  • ABC News：Donald Trump's trade war with China could make political sense in key US states
    ABC News reports: "You can't say we weren't warned. China was in Donald Trump's sights throughout the 2016 presidential election campaign. In rally after rally, he bellowed threats to take tough action on a country he claimed was taking advantage of the United States.... Now he's the US President, Mrr. Trump is delivering on those threats. The world's two biggest economies are locked in a trade war that has the potential to derail global economic growth... The most immediate impact of the new tariffs will be higher prices. Tariffs are a tax which will force up the cost of goods. If Mr Trump is successful in forcing companies to bring back production to the US, it should also mean higher wages as companies compete for workers... Higher tariffs will force up prices for Americans and will mean lower economic growth in the longer term and higher prices, but if Mr Trump can claim it's brought American manufacturing jobs back, it's going to play very well in the states he needs to win to get a second term. It might be bad economics but could prove to be shrewd politics."
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