Business

China exports rebound, imports sink

BEIJING: China's exports rebounded last month, though imports sank more than expected, official data showed yesterday.

The spat between the world's top two economies escalated last month, with President Donald Trump increasing tariffs on US$200 billion (S$273 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.

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

The trade surplus surged to US$41.7 billion last month compared with US$13.8 billion the previous month.

Trade talks between the US and China have stalled. Mr Trump has blacklisted Chinese telecom giant Huawei and warned that he could impose tariffs on nearly all remaining products from China, worth more than US$300 billion.

Beijing responded by increasing levies on US$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 US.

Mr 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 on 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. - AFP

BUSINESS & FINANCE