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Customs: China's exports suffer from a dispute with the US

2019-10-14T07:10:44.086Z

Worldwide, but especially in the US, China has sold less goods. The slower growth economy is also causing imports to weaken.



The trade dispute with the United States weakens China's foreign trade. Compared with the previous year, all exports in September fell by 3.2 percent to 218.1 billion US dollars. This is shown by data from the Chinese customs authority. China's exports to the United States in September were even 21.9 percent down on the previous year. The US and China have been paying each other tariffs for a long time.

China also imports less goods and services overall, with imports down 8.5 percent to $ 178.5 billion. Both stocks were below analyst expectations. The reason for weak imports to China is likely to be the decline in domestic demand and the slower growth of the Chinese economy.

In the more than a year-long trade dispute with China, US President Donald Trump announced a partial deal on Friday. The threatened for Tuesday new US tariffs should be suspended, according to Finance Minister Steven Mnuchin first. It also envisages resolving the conflict in several steps: "phase one" of a broader agreement will include, inter alia, the protection of intellectual property, financial services, monetary issues and agricultural products. The remaining issues should then be clarified in a second and possibly third phase.

Planned additional tariffs on consumer goods, which should come into force in mid-December, there is still no decision, said US Trade Representative Robert Lighthizer. Trump expressed his hope that the partial agreement could be finalized in the next three to five weeks. He and China's Party leader Xi Jinping may sign it in the margins of the Asia-Pacific Economic Community Summit (Apec) in mid-November in Chile.

The conflict between the two economic powers had ignited the unbalanced balance of trade. Trump is bothered by China exporting more goods to the US than vice versa. Another point of controversy is Beijing's approach to promoting the domestic high-tech industry. Trump believes that the US will be penalized. Experts fear that the trade dispute between the two countries could plunge the world economy into recession.

Source: zeit

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