China imports from US plunge 31% in June amid tariff war
Source: Associated Press
By JOE McDONALD
2 hours ago
BEIJING (AP) Chinas trade with the United States plunged in June amid a tariff war with Washington over Beijings technology ambitions that has battered exporters on both sides.
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, customs data showed Friday. Chinas trade surplus with the United States widened by 3% to $29.9 billion, potentially giving its critics ammunition to demand Washington take a hard line with Beijing.
Presidents Donald Trump and Xi Jinping agreed in June to resume talks on the fight over U.S. complaints about Beijings trade surplus and plans for government-led development of technology industries. That helped to calm financial markets but economists say the truce is fragile because the conflicts that caused talks to break down in May persist.
Trade has weakened since Trump started hiking tariffs on Chinese goods last June. Beijing retaliated with its own penalties and ordered importers to find non-U.S. suppliers.
Read more: https://apnews.com/4afbfcaa2df3405b8257ad9502609886
Roy Rolling
(6,917 posts)potentially giving its critics ammunition to demand Washington take a hard line with Beijing
After the trade deficit INCREASED and the first hard line didnt work, they now want to draw another hard line.
Takket
(21,575 posts)And thought it didnt make sense. How does making the trade deficit WORSE equate to drumpf having a mandate for MORE tariffs?
pampango
(24,692 posts)you double down and raise tariffs even higher - in the belief that will make the magic happen.
Thats what republicans like Coolidge and Hoover did in the 1920s. Didnt work then and FDR came in and reversed the tariff increases.
Still the perceived magic of tariffs lives on.
Takket
(21,575 posts)pampango
(24,692 posts)have a hard time accepting the reality that tariffs are a brake instead. They keep pushing it harder and harder but the far still does not go.
keithbvadu2
(36,819 posts)So who is our super duper negotiator? The one who can fix it all.
Mr.Bill
(24,300 posts)They are known as the Democratic presidential candidates.
CountAllVotes
(20,875 posts)DUMP tRUMP!!!!!!
& recommend!!
Bengus81
(6,931 posts)No wait,hope it is. Thoughts and prayers..............