Wednesday, 18 September 2019
Latest news
Main » China Aug exports shrink amid sharp fall in US shipments

China Aug exports shrink amid sharp fall in US shipments

11 September 2019

US President Donald Trump last month said he was increasing existing and planned tariffs by 5% on about $550 billion worth of Chinese imports after Beijing announced its own retaliatory tariffs on US goods.

August's imports of 9.48 million tonnes were up from 8.64 million tonnes in July, and also ahead of 9.15 million tonnes in August a year ago, according to data from the General Administration of Customs.

White House economic adviser Larry Kudlow said on Friday the United States wants "near-term" results from U.S.

As part of its retaliation, Beijing will begin imposing a 5% tariff on U.S. crude oil from September 1, the first time United States oil has been targeted since the world's two largest economies started their trade war more than a year ago.

According to the data released on Sunday, imports of American products into China decreased by 22.5 per cent during the month.

More news: There's a new feminist Monopoly where women get more money

The Chinese government has agreed to narrow its trade surplus with the US but is reluctant to give up development strategies it sees as a path to prosperity and global influence.

Chinese demand, however, has been dampened by a year-old outbreak of deadly African swine fever in the world's top pig producer. That demand will prove to be a hard compromise for the USA, as Washington claims some tariffs must remain in place to hold Beijing accountable for any agreements it makes.

Talks between President Trump and Chinese President Xi Jinping earlier this summer ended without a deal.

China's trade surplus with the United States stood at US$26.95-billion in August, narrowing from July's US$27.97-billion.

The governments agreed to meet again in September but that was postponed to October.

More news: King’s Korner: Oakland Raiders start the season with a statement win

The trade war further strains Beijing-Washington ties, already overshadowed by United States freedom of navigation exercises near Chinese-occupied islands in the disputed South China Sea, and United States support for self-ruled and democratic Taiwan, which China claims as its own. That would extend penalties to nearly everything the United States buys from China.

Many of these products now face tariffs when they arrive in the U.S.

The contraction came despite a persistent weakening of the yuan, and is evidence that exporters are not "front-loading" sales to try to beat oncoming higher tariffs.

China has increased its duty rates and has also asked companies to cancel orders, which has brought down its imports from the US. Some have been hit with increases a couple of times, while about $50 billion of US goods is unaffected, possibly to avoid disrupting Chinese industries.

Some analysts suggest Beijing is holding out in hopes Trump will feel pressure to make a more favorable deal as his campaign for the 2020 presidential election picks up. -China trade war shows few signs of slowing down.

More news: Here's Everything Apple Announced Today, From New iPhones to its Netflix Competitor

China Aug exports shrink amid sharp fall in US shipments