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China's June exports fall after US tariff hike, imports shrink

13 July 2019

-China tariff war continued to grow in May 2019, with the gap between the pre-trade war trend and the trailing twelve-month average of the total valuation of goods and services directly traded between the two nations widening to $8.3 billion for the month.

China's foreign trade remained stable growth in the first half of this year by expanding 3.9 percent year-on-year.

China's trade with countries participating in the Belt and Road Initiative (BRI) posted robust growth in the first half (H1) of this year, official data showed Friday.

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But Chinese official media said Trump hoped China would import more American goods as part of the trade-war truce. However, it appeared as if he was taunting this possibility as he tweeted on Thursday that he is hoping for Beijing to "start soon" in purchasing American agriculture products. Major sticking points include when and by how much China will increase its imports of USA farm products, and how exactly the US will ease trade restrictions on Chinese technology giant Huawei Technologies Co.

"And while the truce reached between (presidents) Trump and Xi at the G20 late last month removes the immediate threat of further U.S. tariffs, our base case remains that trade talks will break down again before long".

Trump has imposed 25 percent tariffs on $250 billion of Chinese goods and has pledged only to accept a deal with Beijing that includes structural reforms to the way China does business.

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Envoys talked by phone Tuesday in their first contact since Trump and Xi met last month in Japan, the Chinese Commerce Ministry said.

On Thursday (July 11), Trump accused China of "letting us down" by not promptly buying more United States farm products.

China's global exports sank 1.3% to $212.8 billion while imports fell 7.3% to $161.9 billion. Trump said he will ease up the ban on Huawei and talks between Beijing and Washington will resume.

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When questioned last week about Trump's claim in Japan that China had agreed to buy "tremendous" amounts of US farm goods, Gao said that the two nations had large room to cooperate on agriculture, and hoped that a solution could be reached on the basis of equality.

China's June exports fall after US tariff hike, imports shrink