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

In July, the US and China exchanged tariffs on $34 billion worth of goods.

The move is the latest escalation of President Donald Trump's trade war with China. At that time, Beijing threatened a 25 percent tariff on USA crude imports, although it did not issue a specific date for the move. For instance, the major complaint is about the theft of U.S. intellectual property by Chinese firms.

China's commerce ministry has announced that it will start imposing 25% import duties targeting $16bn (£12.4bn) worth of United States goods.

All in all, China's trade surplus with the U.S. shrank to $28.08 billion in July against $28.97 billion in the previous month. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.

"China conducts and supports cyber intrusions into U.S. commercial computer networks to gain unauthorised access to commercially valuable business information".

The US will begin imposing 25% duties on an additional $16 billion in Chinese imports in two weeks, escalating a trade war between the world's two biggest economies.

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant USA technological supremacy.

The Semiconductor Industry Association said in a statement that tariffs imposed on semiconductors imported from China will hurt American chipmakers rather than Chinese firms.

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The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the US President.

"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", the commentary said.

China has, in recent years, become a key export market for growing USA energy exports.

"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".

Just last week, China's Unipec, the trading arm of state oil major Sinopec, suspended crude oil imports from the United States due to the growing trade spat between Washington and Beijing.

His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.

China's prohibitive import tariff, which amounts to close to $18 a barrel when crude is at $70, should also deter other Chinese buyers such as state-owned companies Petro China, as well as state-controlled Zhenhua Oil and independent refiners, from importing US crude.

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