China’s massive trade surplus with the world shrank in May. Unfortunately for the ongoing tensions with President Donald Trump, the surplus with the U.S didn’t.
The trade gap with the U.S. swelled to $24.6 billion, making up almost all of the total surplus of $24.9 billion. Overall, exports rose 12.6 percent in May from a year earlier while imports surged 26 percent, partly due to higher oil and other commodity prices. Shipments to the U.S. were up 11.6 percent, the most since February.