Friday, 19 July, 2019

US goods going to China plummet 31.4%

China imports from US plunge in June amid tariff war China's June exports fall after US tariff hike, imports shrink
Jean Garcia | 13 July, 2019, 14:12

China's exports likely fell in June as weakening global demand and a sharp hike in USA tariffs took a heavier toll on the world's largest trading nation, a Reuters poll showed.

Exports fell 1.3%, while imports dropped by 7.3%.

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

Hu Xijin, editor-in-chief of the state-owned Global Times newspaper, tweeted late Thursday that the "achievement of Osaka summit is a China-U.S. consensus, not a unilateral commitment China made to the U.S. Hope the U.S. will lift all sanctions on Huawei soon and respect the principle of equality".

Washington is pressing Beijing to roll back plans for government-led creation of Chinese global competitors in robotics, electric cars and other technologies.

Chinese leaders express confidence their economy can survive the tariff fight. Mistrust between Washington and Beijing runs high.

"It seems the two sides are arm-wrestling about the basis on which they'll resume talks, as well as when and where", said Zhou Xiaoming, a former commerce ministry official and diplomat.

At least 10 killed in bomb, gun attack on Somalia hotel
She founded Integration TV , an global web-based video production company aimed at Somali viewers around the world. It added that consular officials in Nairobi are in contact with local authorities to gather information.

Trade weakness has added to pressure on Xi's government to shore up economic growth and avoid politically unsafe job losses. Mr Trump also claimed Mr Xi had agreed that China would buy large amounts of USA agricultural goods.

"Mexico is doing great at the Border, but China is letting us down in that they have not been buying the agricultural products from our great Farmers that they said they would".

The chairman of Huawei said Friday that his company has yet to see any benefit from Trump's promise to ease restrictions on sales of components to the Chinese tech giant, which was put on a USA national security blacklist in May.

"They have not been buying the agricultural products from our great Farmers that they said they would", the president said on Twitter.

But data released on Thursday (July 11) by the US Department of Agriculture indicate that China actually slowed its purchases of American agriculture products following the G-20 meeting.

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

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