A senior government economist says China's trade surplus for the first half of this year is expected to top $100 billion, a state news agency said Monday, amid calls by U.S. lawmakers for punitive action against Beijing.
Total trade with the United States for the first half is expected to top $1 trillion, up 24 percent from the year-earlier period, the Xinhua News Agency said, citing Yao Jingyuan, chief economist for the National Bureau of Statistics.
"The trade surplus reached $85.7 billion in January-May, and for the first half of the year will exceed $100 billion," Xinhua said, citing Yao.
American lawmakers are calling for legislation to impose higher tariffs on imports of Chinese goods or take other punitive steps if Beijing fails to ease currency controls that some say are broadening the surplus.
China reported a global trade surplus last year of $177.5 billion.
The growing gap also is causing financial problems for Beijing, which is forced to drain billions of dollars a month from the economy to reduce pressure for prices to rise.
The communist government says it is not actively pursuing a surplus and has taken steps to slow exports, including revoked rebates of value-added taxes for exporters.
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