China exports drop amid trade war with U.S.
China’s exports fell in August by one per cent year-on-year amid a protracted trade war with the United States, official data showed on Sunday.
Exports fell to just over $214 billion, while imports fell 5.6 per cent to just under $180 billion, figures from the Beijing statistics office showed.
According to the figures, exports to the U.S. took a particularly big plunge, dropping by 16 per cent to $37.3 billion.
Many of these products now face tariffs when they arrive in the U.S.
China has also introduced import tariffs on U.S. goods.
The trade war between the world’s two largest economies – now over a year old – is weighing on global growth.
Negotiations between Beijing and Washington are set to resume in early October.
However, neither side has backed off recently-imposed tariffs.
The U.S. last week put into effect a 15-per-cent tariff on $112 billion worth of Chinese goods, including televisions, books, nappies and sports shoes.
Meanwhile, Chinese tariffs of five and 10 per cent, targeting around $75 billion of U.S. goods came into force.