Chinese exports to US drop 23 percent amid trade war
Chinese exports to the U.S. dropped in November for the fourth consecutive month amid the trade war, reports said Sunday.
Exports to the U.S. plummeted by 23 percent since November 2018 to $35.6 billion, according to customs data obtained by The Associated Press Sunday. U.S. imports into China fell 2.8 percent to $11 billion, which gave China a $24.6 billion surplus with the U.S.
U.S. exports to other nations like France rose, which balanced the Chinese losses, according to the AP.
China’s global exports also dropped by 1.1 percent from the previous year to $221.7 billion, the AP reported.
Overall imports to China rose 0.3 percent giving the country a $38.7 billion surplus, even as experts expected a 1.8 percent decline. The increase demonstrates that China has made efforts to regulate domestic demand as factory activity improved, Reuters noted.
Growth in the second-largest economy in the world sat at 6 percent, reaching an almost 30-year low, Reuters reported.
The drop in U.S. exports comes during the 17-month long trade war between the U.S. and China. The countries have been discussing a “phase one” trade agreement since October, but that has yet to be negotiated.
President TrumpDonald John TrumpLawmakers prep ahead of impeachment hearing Democrats gear up for high-stakes Judiciary hearing Warren says she made almost M from legal work over past three decades MORE has been optimistic about the “phase one” deal, although last week he said the deal may need to wait until after the 2020 election. Chinese officials have argued they will not negotiate a deal until there is a reduction of existing U.S. tariffs.
The U.S. delayed a tariff increase scheduled for October, but another tariff spike is scheduled for next week on $160 billion of Chinese goods.
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