US Exports To China Plummet Another 22%
Ahead of planned trade talks between the United States and China next month, trade between the two countries continues to fall, according to Axios.
In August, American exports to China were down 22 percent from the same month last year, dropping to $10.3 billion; and Chinese exports to the U.S. were down 16 percent, falling to $44.4 billion.
Axios noted that China’s trade surplus with the U.S. has dropped to just $31.3 billion as of August — $27 billion less than the year before.
The administrations of President Donald Trump and President Xi Jinping continue hiking tariffs on all manner of goods, including agricultural products, consumer goods and auto-related items.
As the negotiators plan to meet again in October, Trump is set to increase tariffs on October 1 and impose additional levies on December 15, after putting into place a 15 percent tariff on $112 billion worth of Chinese goods on September 1.