China's June trade grew by double digits amid mounting tension with Washington but Beijing warned its exporters face "rising instabilities and uncertainties."
Exports rose 11.3 percent over a year earlier to $216.7 billion, down from May's 12.6 percent growth, customs data showed Friday. Imports expanded by 14.1 percent to $175.1 billion, down from the previous month's 26 percent.
In this July 6, 2018, file photo, trucks haul containers from a container port in Qingdao in eastern China's Shandong province. (Chinatopix via AP, File)
The June figures may have received a boost from U.S. and Chinese traders who rushed to fill orders for soybeans, ball bearings and other goods in both directions before threatened tariff hikes took effect.
The conflict with Washington, coupled with weaker global demand, adds to challenges for Beijing as economic growth cools after regulators tightened controls on bank lending starting last year to rein in surging debt.
"Chinese exports held up well on the eve of U.S. tariffs," Julian Evans-Pritchard of Capital Economics said in a report. "But disappointing import figures point toward weakening domestic demand."
In this July 6, 2018, file photo, a ship hauls containers at a container port in Qingdao in eastern China's Shandong province. (Chinatopix via AP, File)
Washington added 25 percent tariffs on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology. China retaliated with higher duties on a similar amount of American goods.
This week, the Trump administration announced a possible second round of tariff hikes targeting a $200 billion list of thousands of Chinese products. Beijing criticized the measure but has yet to say how it might respond.
"There will be challenges facing foreign trade with rising instabilities and uncertainties in the global environment," said a Chinese customs agency report.
In this Friday, June 29, 2018, photo, a man stands underneath the pillars displaying Chinese President Xi Jinping's signature "China Dream" and "One Belt, One Road" foreign policy plan during an event in Beijing. (AP Photo/Andy Wong)
June exports to the United States grew faster than China's total with the world, expanding by 13.6 percent over a year ago to $42.6 billion in the possible sign exporters were rushing to fill orders.
China imported American goods worth $13.6 billion. Its politically volatile trade surplus with the United States widened by 14.2 percent to $29 billion.
China is running out of American goods for retaliatory tariffs due to their lopsided trade balance.
Last year's imports from the United States totaled about $130 billion. That leaves about $80 billion for penalty tariffs after previous increases either imposed or threatened on a total of $50 billion of U.S. goods are counted.
Beijing has stepped up efforts, so far without success, to recruit governments including Germany and France as allies. They criticize President Donald Trump's tactics but share U.S. complaints about Beijing's industrial policy and market barriers.
China's global trade surplus in June narrowed by 10.9 percent to $41.6 percent.
The surplus with the 28-nation European Union, the country's second-largest trading partner, expanded by 33.6 percent to $16.3 billion.
"Export growth will cool in the coming months as U.S. tariffs start to bite alongside a broader softening in global demand," said Evans-Pritchard. "Import growth is set to slow further as domestic headwinds from property controls and weaker investment spending continue to intensify."
FLOWERY BRANCH, Ga. (AP) — The Atlanta Falcons provided the first major surprise of the NFL draft by selecting quarterback Michael Penix Jr. of Washington with the No. 8 overall pick on Thursday night.
The Falcons extended their recent trend of selecting offensive skill players in the first round by drafting Penix one month after signing Kirk Cousins to a four-year, $180 million contract with $100 million guaranteed. Using a draft slot normally targeted for players expected to make an immediate impact, the Falcons chose Penix as the long-term successor to the 35-year-old Cousins.
Falcons general manager Terry Fontenot said he never wavered when Penix was available.
“Kirk Cousins is our quarterback,” Fontenot said. “Michael Penix, we’re talking about the future. We’re very excited about that quarterback room.”
New coach Raheem Morris said the Falcons wanted to draft Penix this year because they don't plan to draft as high as No. 8 again soon. It was a strong prediction for a franchise that hasn't had a winning season or made the playoffs since 2017.
“We’re talking about winning the (NFC) South and doing some things and going to the playoffs,” Morris. said. “We don’t want to be picking that high anymore. We don’t want to be in that position. ... That helped us make that decision.”
Morris said he would be thrilled if Penix is nothing more than an observer the next four years if that means Cousins is thriving as the starter.
“Nothing would make me feel better than watching Kirk Cousins play for four years,” Morris said.
Penix said he looks forward to learning from Cousins.
“I’m blessed with the opportunity,” Penix said. “I’m going to take advantage and make the most out of it. For me coming in behind Kirk Cousins, he’s a guy who has been in the league and ... played a lot of football. I’m going to come in and I'm gong to learn, I’m going to learn from him and try to soak in all the knowledge I can.”
The Falcons had been expected to use the pick to boost their pass rush.
The Falcons also focused on offensive playmakers with their last three first-round picks. Tight end Kyle Pitts was the No. 4 overall pick in 2021, followed by wide receiver Drake London and running back Bijan Robinson, each No. 8, the last two years.
Penix, who will be 24 as a rookie, led FBS schools with 4,903 passing yards and was third with 36 touchdown passes. He won the Maxwell Award as the nation's top player.
Penix threw for 255 yards with a touchdown and two interceptions as No. 2 Washington fell to top-ranked Michigan 34-13 in the College Football Playoff championship game.
Penix began his college career at Indiana, where he tore his right ACL in 2018 and 2020 and had shoulder injuries in both 2019 and 2021.
Penix said he had a good feeling after working out for Falcons officials, including Fontenot, at Washington.
“They were great,” Penix. said. “They liked how I threw the ball. I feel like I put on a great performance that day in that throwing session. It was kind of quick but we made it worthwhile.”
Still, Penix said he didn't know if the Falcons' interest was serious until the call came during the draft. He said he spoke with Fontenot, Falcons owner Arthur Blank, Morris and offensive coordinator Zac Robinson.
“To be able to hear that phone call come through It was just a blessing,” Penix said. “They asked me was I ready to be a Falcon. I said absolutely.”
Fontenot said this week he would consider selecting a quarterback high in the draft even when most of the outside focus had been on edge rushers.
“If we see a player that we believe can be a franchise quarterback at any point, whether it’s this draft, next draft, whether it’s a player we can trade for, whatever it is, you have to bring that player in because we’re talking about the next four to five years plus when we’re talking about guys that we’re drafting,” Fontenot said.
The Falcons' draft won't by impacted by the NFL’s investigation of the team's possible violation of tampering policies before signing Cousins, who appeared to indicate he had been in communication with team officials at a time the team would have been permitted to talk only with his agent.
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Atlanta Falcons fans cheer during the first round of the NFL football draft, Thursday, April 25, 2024, in Detroit. (AP Photo/Paul Sancya)
