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The de-escalation of US-China trade dispute looks like a distant dream, given the China’s trade surplus with the US hit a record high of $28.97 billion in June.  

Chinese exporters reportedly front-loaded shipments to the US ahead of the July 6 tariff deadline and that could have boosted the surplus to record highs. Still, the record deficit with China could irk Trump administration, which is already considering imposing tariffs on an additional $200 billion worth of Chinese imports.