China exports fall in August as USA trade war bites

China exports fall in August as USA trade war bites

China's exports to the U.S. - its largest trading partner - fell 16 percent in August, compared to a year earlier to $44.4 billion and imports of USA products plummeted to 22 percent to $10.3 billion, the Associated Press reported on Sunday, citing United States customs data. Forecasters had expected that to depress July sales to the United States.

"The optimism from easing policies announced on Friday may be partially offset by the weak trade data as the economy still faces larger downward pressures", said Peiqian Liu, a China economist at NatWest Markets in Singapore.

August exports fell 1% from a year earlier, the biggest fall since June, when it fell 1.3%, customs data showed Sunday.

China's trade surplus also dropped sharply in August to US$34.83 billion, from US$44.58 billion the previous month, while imports continued a four-month decline at 5.6% on-year, matching the July figure. Beijing says Trump's punitive tariffs must be lifted once an agreement takes effect.

China's trade surplus with the USA stood at US$26.95 billion last month, narrowing from July's US$27.97 billion. Chinese officials are set to attend trade talks in Washington next month in the hope of striking a deal and avoiding those increases.

The Trump administration will begin collecting 15% tariffs on more than $125 billion in Chinese imports, including smart speakers, Bluetooth headphones and many types of footwear.

More news: Smoke, flames after train derails in Dupo, Illinois
More news: Cleveland Cavs Announcer Fred McLeod Dead at 67
More news: Langer rubbishes claims that Steve Smith mocked Jack Leach by wearing glasses

China's trade with the USA shrank last month as the world's two largest trading countries remain locked in a tariff war that threatens to be a drag on the world's economy. Meanwhile, imports from the U.S. slumped 22.4%.

The two sides have agreed to hold further discussions in Washington in early October, later than expected. That would extend penalties to nearly everything the United States buys from China. "Add in the inevitable fall-off when USA shipments finally catch up with 15% and 30% tariffs, and it's an ugly picture".

Beijing responded by imposing duties of 10% and 5% on a range of American imports. Some have been hit with increases a few times, while about $50 billion of USA goods is unaffected, possibly to avoid disrupting Chinese industries.

Facing downward pressure and headwinds from trade frictions, China vowed to take further steps to ensure the stability of employment, the financial sector, foreign trade, foreign investment, domestic investment and expectations, according to a statement released after a State Council executive meeting Wednesday.

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 has consistently denied Washington's accusations that it engages in unfair trade practices, vowing to fight back in kind and criticising United States measures as protectionist.

Related Articles

  • Wendy's to add breakfast including Frosty cappuccinos, honey butter chicken biscuits

    Wendy's to add breakfast including Frosty cappuccinos, honey butter chicken biscuits

    The menu didn't expand nationwide after an initial test because of tough competition, according to food industry blog BrandEating. The upcoming menu addition also means Wendy's will add to its worker roster by hiring 20,000 crew members across the country.
    US Government Committee To Investigate Visit Of Mike Pence To Doonbeg

    US Government Committee To Investigate Visit Of Mike Pence To Doonbeg

    Nadler said in his letter to the White House that the panel was asking for the documents as part of its impeachment probe. Tulsi Gabbard on not qualifying for upcoming Democratic debate, worries about the DNC on 'Tucker Carlson Tonight'.
    Odell Beckham Jr. Plans To Keep Wearing $190k Watch In Games

    Odell Beckham Jr. Plans To Keep Wearing $190k Watch In Games

    Beckham later tweeted about the ordeal Monday, saying "If ain't one thing.it's another". "That's just my life. Check out the audio below as both Chris and Rob say this is an very bad look for Beckham and the Browns.
  • Hurricane Dorian keeps pounding north Bahamas

    Hurricane Dorian keeps pounding north Bahamas

    Hurricane Dorian smashed into the Caribbean islands of Bahamas on Sunday, causing severe flooding and torn roofs from buildings. Most people went to shelters as the storm approached, with tourist hotels shutting down and residents boarded up their homes.
    Beantown debacle: Flailing Red Sox fire prez of baseball operations Dave Dombrowski

    Beantown debacle: Flailing Red Sox fire prez of baseball operations Dave Dombrowski

    The team won the AL East in all three of his seasons but fell to 76-67 after a loss to the Yankees on Sunday night. The Red Sox capped the season by beating the Los Angeles Dodgers in five games to win the World Series.
    Google hit with huge U.S.  antitrust probe

    Google hit with huge U.S. antitrust probe

    The news conference featured a dozen Republican attorneys general plus the Democratic attorney general of Washington , D.C. Specifically, Google faces accusations that its web search leads consumers to its products to the detriment of rivals'.
  • Empty terminals as British Airways tells passengers to avoid travelling

    Empty terminals as British Airways tells passengers to avoid travelling

    British Airways' parent company, International Airlines Group, made a net profit of 2.9 billion euros past year . BA said its team is working on refunding flight fees or re-booking flight schedules for affected customers.
    Green Day Return with New Album 'Father of All...'

    Green Day Return with New Album 'Father of All...'

    The hugely-popular trio of bands have announced a joint tour, which will take in a stop at Dublin's RDS on Monday June 29 2020. Wyclef Jean will be featured on their forthcoming record Greatest Hits: Believers Never Die - Volume Two, out November 15.
    Cristiano Ronaldo Scores 4 Goals in Portugal's Rout of Lithuania

    Cristiano Ronaldo Scores 4 Goals in Portugal's Rout of Lithuania

    Ronaldo now has 93 global goals and needs 16 to catch Iranian great Ali Daei, whose tally of 109 seemed unassailable. Click through the gallery above to see the top goalscorers in the history of Uefa European Championship qualifiers .
  • Apple's new streaming service targets Netflix, Amazon Prime

    According to Canalys, iPhone sales fell for a third consecutive quarter, with 13% decline in year-on-year shipments. Apple's promised streaming television service - dubbed TV+ - will launch internationally on November 1.
    Google’s gaming subscription service is coming soon

    Google’s gaming subscription service is coming soon

    Google Play Pass is coming soon , Google revealed through a tweet posted via Google Play account on Tuesday. It's possible it'll be announced amidst all the Pixel 4 news but at this stage, it's anyone's guess.
    Jeremy Corbyn tells PM: General election is coming

    Jeremy Corbyn tells PM: General election is coming

    Mr Corbyn additionally promised to place energy "in the hands of workers" below plans for an enormous growth of employment rights. Mr Austin said: "This is the most hard decision I've ever had to take, but the truth is I'm ashamed of the Labour party .