cloudy.png
Tuesday January 21st, 2020 8:40AM

China's exports end 2019 up 0.5% despite US tariff war

By The Associated Press

BEIJING (AP) — China’s exports rose 0.5% in 2019 despite a tariff war with Washington after growth rebounded in December on stronger demand from other markets.

Exports to the United States fell 12.5% compared with 2018 after a 14.5% contraction in December, customs data showed Tuesday.

The impact of President Donald Trump’s tariff hikes on Chinese goods has been smaller than many forecasters expected. Famously resilient Chinese exporters have aggressively pursued other markets, stepping up sales to Asia, Europe and Africa.

China's global exports rose 7.8% in December over a year earlier, rebounding from a 1.1% contraction in November. Imports surged 16.3%.

U.S. and Chinese envoys are due to sign an interim trade agreement this week that investors hope will be a first step toward ending the tariff war over Beijing's technology ambitions and trade surplus that threatens global economic growth.

“Slow global trade will continue to challenge China’s external outlook in the near term. But the ‘Phase 1’ trade deal with the U.S. will have a favorable impact,” said Tommy Wu of Oxford Economics in a report.

Under the deal, Washington postponed planned tariff hikes and Beijing agreed to buy more American farm exports. Economists warn the agreement fails to address contentious disputes that might take years to resolve.

"The risk of relations deteriorating again and tariffs ‘snapping back’ is substantial against a background of tension and mistrust,” Wu said.

Forecasters also cautioned that December’s numbers were less rosy than they appeared because the robust-looking growth was due to comparison with 2018, when the tariff war was depressing trade.

“While the outlook for exports is improving, domestic demand will remain subdued,” said Julian Evans-Pritchard and Martin Rasmussen of Capital Economics in a report.

December marked the first month since July with positive Chinese trade growth.

China reported double-digit growth in 2019 exports to France, Canada, Australia, Brazil and Southeast Asia.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
6 big questions ahead of final debate before start of voting
Tuesday marks the last time the leading Democratic presidential contenders will face a national audience on the debate stage before primary voting begins, making it the most significant moment of the 2020 primary season to date
12:36AM ( 13 minutes ago )
Trump's Milwaukee rally kicks off election year in Wisconsin
President Donald Trump makes his first 2020 appearance in battleground Wisconsin for a rally that coincides with a Democratic presidential debate in neighboring Iowa
12:36AM ( 13 minutes ago )
Trump cheered loudly at college football title game
President Donald Trump turned sports fan for an evening as he attended the College Football Playoff championship game Monday between No. 1 Louisiana State University and No. 3 Clemson
12:28AM ( 22 minutes ago )
Associated Press (AP)
Hinch, GM fired for Astros sign stealing after MLB bans pair
The Houston Astros fired manager AJ Hinch and general manager Jeff Luhnow after the pair were suspended by Major League Baseball for a sign-stealing scheme during the Astros' run to the 2017 World Series title
11:01PM ( 1 hour ago )
Asian shares rise on optimism about US-China trade deal
Asian shares are following Wall Street higher amid optimism that a trade deal between the U.S. and China will be a boon for the regional economy
10:34PM ( 2 hours ago )
Federal government blasts PG&E's deal with fire victims
Tensions between the U.S. government and Pacific Gas & Electric are boiling over as they battle over whether a taxpayer-funded agency should be allowed to stake a claim on a $13.5 billion settlement covering most of the losses from catastrophic wildfires blamed on the bankrupt utility
8:36PM ( 4 hours ago )
AP Business
US drops designation of China as currency manipulator
The Trump administration is dropping its designation of China as a currency manipulator in advance of the signing Wednesday of a Phase 1 U.S.-China trade agreement
6:00PM ( 6 hours ago )
Lebanese protesters block road outside central bank
Lebanese protesters have returned to the streets after weeks of calm, impatient with politicians failing to tackle a deepening economic crisis
5:23PM ( 7 hours ago )
Stocks climb ahead of trade deal, sending S&P 500 to record
Stocks are closing higher on Wall Street ahead of the signing of a “Phase 1” trade deal with China, sending the S&P 500 and the Nasdaq to record highs
4:55PM ( 7 hours ago )
AP Business - Economy
6 big questions ahead of final debate before start of voting
Tuesday marks the last time the leading Democratic presidential contenders will face a national audience on the debate stage before primary voting begins, making it the most significant moment of the 2020 primary season to date
12:36AM ( 13 minutes ago )
Trump's Milwaukee rally kicks off election year in Wisconsin
President Donald Trump makes his first 2020 appearance in battleground Wisconsin for a rally that coincides with a Democratic presidential debate in neighboring Iowa
12:36AM ( 13 minutes ago )
Trump cheered loudly at college football title game
President Donald Trump turned sports fan for an evening as he attended the College Football Playoff championship game Monday between No. 1 Louisiana State University and No. 3 Clemson
12:28AM ( 22 minutes ago )
Burrow, LSU cap Heisman season, beat Clemson 42-25 for title
Joe Burrow threw five touchdown passes, ran for another score and capped one of the greatest seasons in college football history by leading No. 1 LSU to a 42-25 victory against No. 3 Clemson Monday night to win the national championship
12:27AM ( 22 minutes ago )
US officials cite deterrence to defend lethal drone strike
The Trump administration has insisted the threat of an “imminent” attack led to the drone strike on Iran’s top general
12:04AM ( 45 minutes ago )