India offers soybean exports to China amid trade war with US

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China's trade surplus with the rest of the world vanished in March, but some economists were quick to ascribe that to seasonal quirks in the data, predicting that it would soon reappear.

Chinese President Xi Jinping attended a massive military drill by the country's naval forces in the South China Sea, and stressed that the need for a strong navy "has never been more pressing".

Sales of new energy vehicles, mainly comprising electric and hybrid vehicles, jumped by over 117% year on year to 68,000 units last month.

Each side has slapped tariffs of $3 billion in goods so far, but the U.S. has threatened to impose duties on more products and China has vowed to retaliate.

Reuters is reporting a near 20% surge in China's trade surplus with the United States during the first quarter of 2018.

But analysts said the trade threats may already be having an impact on exporters' activity.

Honda's sales fell by 13% to 97,587 units in March with the brand hindered by engine problems which forced it to temporarily suspend sales of CRV and Civic models produced at its Dongfeng Honda Automobile joint venture last month.

The plan targets goods USA officials say benefit from improper Chinese policies including machinery, industrial components and aerospace, telecoms and other technology.

"We believe export growth will slow due to yuan appreciation and rising trade tensions.China's imports could be more resilient than exports in our view as China has pledged to increase imports", Wang said.

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The 25 percent increase would turn Cixin's profits to losses in the U.S. market, which takes 30 percent of its exports, according to Wang Liqiang, a company manager.

That produced an unexpected trade deficit of $4.98 billion for the month, but such shortfalls are not uncommon for China early in the year, again likely due to holiday distortions. He added: "China is going to end up treating us fairly". "But this is actually marred and disrupted by some unseemly protectionist noises that are coming out of the Atlantic basin, North America, and Europe", Kumar said in an oblique reference to China.

As a result, they warn of a possible wave of small factory closures, a shift of some production away from China, and the use of questionable practices to dodge increased tariffs.

The latest readings on the health of China's trade sector follow weeks of tit-for-tat tariff threats by Washington and Beijing, sparked by U.S. frustration with China's massive bilateral trade surplus and intellectual property policies, that have fueled fears of a global trade war.

More broadly, should the retaliatory trade moves escalate, and the USA slap tariffs on more mainstream goods like household appliances, consumer electronics or toys, the repercussions would be substantially higher.

China's exports rode a global trade boom previous year, expanding at the fastest pace since 2013 and serving as one of the key drivers behind the economy's forecast-beating 6.9 percent expansion.

Washington says China's US$375 billion trade surplus with the United States is unacceptable, and has demanded Beijing reduce it by US$100 billion immediately.

US President Donald Trump today said trade negotiations with China were going on "very well", asserting that the two countries have made a lot of progress.

Under a so-called harmonised system of tariffs - Chinese products are now coded specifically so that the same product would face higher USA tariffs if used in a higher-tech sector like nuclear energy, rather than a more generic category like household electronics. China exported $137.8 billion worth of high-tech products in the first quarter, up 20.5 percent on-year.