China’s Trade Grows in June Despite Dust-up with US
- ZTE Corp (OTCMKT:ZTCOF), China’s 2nd-largest telecommunications equipment maker to resume business.
China’s trade grew by 2X digits in June despite mounting tensions with the US but the government warned it will face “rising instabilities and uncertainties.”
Customs data Friday showed exports rose 11.3% over a year earlier to $216.7% down from May’s 12.6% growth. Imports expanded 14.1% to 175.1 RMB Yuan, down from the previous month’s 26%.
The US raised tariffs this month on $34-B of Chinese goods in a dispute over Beijing’s technology policy. China retaliated with higher duties on a similar amount of goods.
The customs agency said in a report, “There will be challenges facing foreign trade with rising instabilities and uncertainties in the global environment.”
Friday, the US Department of Commerce lifted a ban on US companies selling goods to ZTE Corp (OTCMKT:ZTCOF), allowing China’s 2nd-largest telecommunications equipment maker to resume business.
The Commerce Department removed the ban shortly after ZTE deposited $400-M in a US bank escrow account as part of a settlement reached last month.
The settlement also included a $1-B penalty that ZTE paid to the US Treasury in June.
“The department will remain vigilant as we closely monitor ZTE’s actions to ensure compliance with all US laws and regulations,” Commerce Secretary Wilbur Ross said in a statement that described the terms of the deal as the strictest ever imposed in such a case.
|OTCMKT:ZTCOF||1.86||13 July 2018||-0.07||1.85||1.9499||1.81||347,400|
|HeffX-LTN Analysis for ZTCOF:||Overall||Short||Intermediate||Long|
|Bearish (-0.40)||Bearish (-0.35)||Bearish (-0.25)||Very Bearish (-0.60)|
Have a terrific weekend
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