Customs war breaks China’s trade with America

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CChina and America are clearly feeling their trade war: Trade between the two largest economies plummeted by 14.6 percent last year, as Chinese customs officials said in Beijing on Tuesday when the figures were calculated in US dollars. China’s imports from the United States even fell 20.9 percent to $ 122 billion, while China’s exports to America dropped 12.5 percent to $ 418 billion.

After two years of double-digit growth rates, total Chinese foreign trade with the world fell by one percent for the first time last year. Exports grew only slightly by 0.5 percent overall, but imports fell by 2.8 percent.

However, there was a bright spot for China: All foreign trade recovered in December and rose by 11.3 percent compared to the same month in the previous year. Imports rose 16.3 percent in December, while exports rose 7.6 percent. Experts partly attributed the increase to low comparative figures.

Import commitments

The trade figures were presented one day before the planned signing of the partial agreement on the first phase of the trade war in Washington on Wednesday. China’s chief negotiator and Vice Premier Liu He traveled with a large delegation. Among other things, according to the Americans, China is committed to increasing its imports from the United States by $ 200 billion over two years.

Of this, at least $ 40 billion will benefit American farmers – an important group for US President Donald Trump with a view to the November election. China is also said to have agreed to buy finished goods for around $ 75 billion, energy for $ 50 billion and services for $ 35 to 40 billion, Politico reported.

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