Chinese imports from US plunge amid trade war

Darnell Taylor
July 13, 2019

According to Reuters, ANZ analysts noted that Trump's comments about China's alleged failure to live up to its commitments on trade with the USA may not be a huge move compared to previous statements but the us president may be delivering a warning. China's trade surplus with the United States widened by 3% to $29.9 billion.

Exports declined 1.3 per cent in June from a year earlier, while imports decreased 7.3 per cent, leaving the trade surplus of US$50.98 billion, the customs administration said Friday.

"It's a move to manage market expectations" when a lot of uncertainties, especially the trade war, are clouding China's economic outlook, said Raymond Yeung, chief Greater China economist at ANZ Bank. "Hopefully they will start soon!"

-Chinese trade has weakened since President Donald Trump hiked tariffs on goods from China in a fight over Beijing's technology ambitions.

China's exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected, pointing to further strains on the world's second-largest economy.

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

Trump accused Beijing on Thursday of backsliding on promises to buy more American farm goods. Export expanded 6.1 percent while import rose 1.4 percent, GAC data showed. Trump said on Twitter. The Chinese government said in June that any purchases must be at a reasonable level, suggested Beijing was becoming more cautious about making big commitments before it sees what Washington offers in exchange.

Trump's statement "highlighted how more speed bumps may remain in the road ahead", said Craig Orlam of OANDA in a report.

The U.S. has imposed tariffs on $250 billion in Chinese imports, drawing retaliatory sanctions from Beijing on $110 billion in U.S. products. Altogether the two giants have slapped each other with punitive tariffs covering more than $360 billion in two-way trade, damaging manufacturers on both sides of the Pacific. He pledged to help farmers largely impacted by the China-U.S. trade war and those whose crops were destroyed due to flooding.

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