China’s Trade Grows in June Despite Dust-up with US

$ZTCOF

• 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.”

Related story

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.

  bearish, China, commerce, goods, trade, US, ZTCOF, ZTE

The following two tabs change content below.

• Bio
• Latest Posts

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

Latest posts by Paul Ebeling (see all)

• Colombian Navy has Found the “Holy Grail” of Shipwrecks Just off Cartagena. - July 22, 2018
• California ‘Ghost Town’ Sold for $1.4-M, Buyers plan to Bring it Back to Life - July 22, 2018
• F1: Ferrari’s (NYSE:RACE) Sebastian Vettel Crashes, Lewis Hamilton Takes the Chequered Flag - July 22, 2018