China’s trade surplus with US swells in June

China’s surplus with the US rose to $133.8 billion in January-June, and a record $28.97 billion last month. (AFP)
Updated 13 July 2018
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China’s trade surplus with US swells in June

BEIJING: China’s surplus with the US swelled in June, data showed Friday, likely stoking tensions with Donald Trump, who has imposed tariffs on billions of dollars of Chinese goods citing unfair trade practices.
The increase came as total trade between the world’s top two economies rose 13.1 percent for the first half of the year, despite the face-off, which has seen tit-for-tat tariffs on billions of dollars’ worth of goods and warnings of more to come.
China’s surplus with the US rose to $133.8 billion in January-June, and a record $28.97 billion last month.
The imbalance is at the heart of Trump’s anger at what he describes as Beijing’s unfair trade practices that are hurting American companies and destroying jobs.
But on Thursday, China blamed those problems on the US, saying the trade imbalance was “overestimated” and caused by “domestic structural problems” in the United States, in a statement from the commerce ministry.
“This trade dispute will definitely have an impact on China-US trade and will have a very negative impact on global trade,” said customs administration spokesman Huang Songping at a briefing Friday.
With the wider world, China’s exports rose 11.3 percent on-year in June, beating a Bloomberg News forecast of 9.5 percent, while imports increased 14.1 percent, below the forecast 21.3 percent.


Deutsche Bank appoints Riyadh GM

Updated 47 min 11 sec ago
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Deutsche Bank appoints Riyadh GM

  • German banking titan expects more deal flow from Kingdom
  • Deutsche Bank established base in Saudi Arabia in 2006

LONDON: Deutsche Bank has appointed Mohammed Alajmi as general manager of Deutsche Bank Riyadh Branch in Saudi Arabia.
He will have oversight of the bank’s business regulated by the Saudi Arabian Monetary Authority (SAMA), Deutsche Bank said in a statement.
The German banking giant originally established its Riyadh branch in 2006.
Alajmi joined Deutsche Bank in 2012 after more than a decade of working at local financial institutions in the Kingdom.
He was appointed chief operating officer in June 2015 overseeing the bank’s activities across all businesses and infrastructure functions.
The group expects to boost regional hiring this year, driven by expected corporate bond sales and initial public offerings, Bloomberg reported in February.