clearn.png
Tuesday July 16th, 2019 12:19AM

China imports from US plunge 31% in June amid tariff war

By The Associated Press
Related Articles
  Contact Editor

BEIJING (AP) — China's trade with the United States plunged last month as a tariff war battered exporters on both sides of the Pacific Ocean.

And there's no letup in sight: Tensions between the world's two biggest economies continue to simmer even though President Donald Trump and his Chinese counterpart, Xi Jinping, called a ceasefire two weeks ago.

Data out Friday showed that the hostilities are taking a toll.

Chinese imports of U.S. goods fell 31.4% from a year earlier to $9.4 billion, while exports to the American market declined 7.8% to $39.3 billion, according to Chinese customs data. China's trade surplus with the United States widened by 3% to $29.9 billion.

The two countries are fighting over U.S. allegations that China deploys predatory tactics — including stealing trade secrets and forcing foreign firms to hand over technology — in a headlong drive to challenge American technological dominance.

The U.S. has imposed tariffs on $250 billion in Chinese imports, drawing retaliatory sanctions from Beijing on $110 billion in U.S. products. China also directed importers to find non-U.S. suppliers.

The dispute won't be easy to solve. Mistrust between Washington and Beijing runs high. And a substantive solution likely would require China to scale back its ambitions to become a world leader in advanced technologies such as artificial intelligence and electric cars.

Envoys talked by phone Tuesday in their first contact since Trump and Xi met last month in Japan, the Chinese Commerce Ministry said. It gave no details or a date for more contacts.

"Our base case remains that trade talks will break down again before long," said Julian Evans-Pritchard of Capital Economics in a report.

Trade weakness has added to pressure on Xi's government to shore up economic growth and avoid politically dangerous job losses.

The Trump-Xi truce calmed jittery financial markets. But the cease-fire is under strain: Each side has complained the other isn't living up to commitments made when the leaders met June 29 at the Group of 20 summit in Osaka, Japan.

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 U.S. national security blacklist in May.

"So far we haven't seen any tangible change," chairman Liang Hua told a news conference.

Liang's complaint came a day after Trump accused Beijing of "letting us down" by not promptly buying more U.S. farm products.

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

Trump's statement "highlighted how more speed bumps may remain in the road ahead," said Craig Orlam of OANDA in a report. "While a deal makes sense for both sides this year, it's far from guaranteed and could hit many more snags."

___

AP Economics Writer Paul Wiseman in Washington contributed to this story.

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, Top General short headlines, AP World News, AP Business, AP Business - Economy
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Klobuchar's plan would help Alzheimer's patients, caregivers
Democratic presidential candidate Amy Klobuchar has a new plan to help seniors that includes more support for people with Alzheimer's disease and their caregivers
6:00AM ( 21 minutes ago )
Trump drops bid to have a citizenship question on the census
President Donald Trump insists he is not backing down on his efforts to collect citizenship information, but he has abandoned his bid to inject a citizenship question into next year's census
5:57AM ( 24 minutes ago )
Iran demands Britain release oil tanker seized off Gibraltar
Iran demands British navy release an oil tanker seized last week off Gibraltar, accusing London of playing a 'dangerous game'
5:54AM ( 27 minutes ago )
Associated Press (AP)
Trump to tout trade, economy in formerly blue Wisconsin
President Donald Trump will visit Wisconsin on Friday, one of two Midwest stops as he warms up his re-election engine
3:32AM ( 2 hours ago )
Asian shares mostly higher after Wall St sets new records
Asia shares mostly higher after Wall Street sets new record highs
3:22AM ( 3 hours ago )
S. Korea proposes UN probe over Japanese sanctions claims
South Korea has proposed an investigation by the United Nations or another international body as it continues to reject Japanese claims that Seoul could not be trusted to faithfully implement sanctions against North Korea
2:15AM ( 4 hours ago )
AP Business
Dow Jones industrials cross 27,000 points for first time
A turbulent day on Wall Street ended in the record books Thursday as the Dow Jones Industrial Average climbed above 27,000 for the first time and the S&P 500 index hit another all-time high.
6:36PM ( 11 hours ago )
Powell sends further signals of future rate cuts
Fed Chairman Powell sends further signals of possible future rate cuts to keep economy in 'good place'
5:52PM ( 12 hours ago )
Biden promises to end 'forever wars' as president
Joe Biden is promising that his White House would end "forever wars" and reassert American leadership to combat authoritarianism and global instability, which he says are proliferating under President Donald Trump
4:43PM ( 13 hours ago )
AP Business - Economy
Klobuchar's plan would help Alzheimer's patients, caregivers
Democratic presidential candidate Amy Klobuchar has a new plan to help seniors that includes more support for people with Alzheimer's disease and their caregivers
6:00AM ( 22 minutes ago )
Trump drops bid to have a citizenship question on the census
President Donald Trump insists he is not backing down on his efforts to collect citizenship information, but he has abandoned his bid to inject a citizenship question into next year's census
5:57AM ( 24 minutes ago )
Iran demands Britain release oil tanker seized off Gibraltar
Iran demands British navy release an oil tanker seized last week off Gibraltar, accusing London of playing a 'dangerous game'
5:54AM ( 27 minutes ago )
2020 Democrats paint contrast with Trump on immigration
4 Democratic presidential candidates promise major changes to US immigration law
5:35AM ( 47 minutes ago )
Trump unloads on Paul Ryan after 'American Carnage' excerpts
President Donald Trump unloads on former House Speaker Paul Ryan following critical 'American Carnage' excerpts
5:22AM ( 59 minutes ago )