Chinese exports to the United States fell 21 per cent in April from a year earlier. This is according to official figures from the Chinese government. The sharp decline follows an increase in March, presumably caused by US companies stockpiling extra supplies ahead of new import tariffs.
The US administration under President Donald Trump introduced import tariffs on Chinese goods in several steps in early April, rising to 145 per cent. China responded with countermeasures, including 125 per cent import tariffs on US products. The reciprocal tariff increases led to a decline in mutual trade.
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At the same time, Chinese exports to other regions increased. For instance, exports to Southeast Asia rose 21 per cent. It is possible that Chinese companies are trying to circumvent US import tariffs through countries like Malaysia, as the US applies lower tariffs to some Asian countries.
Exports to the European Union grew over 8 per cent in April. The EU is warning of possible dumping of Chinese goods in the European market, as the US is buying less. Brussels is closely monitoring the situation.
Meanwhile, China and the US are preparing consultations in Switzerland to discuss their trade dispute. According to Bloomberg news agency sources, the US would be willing to reduce its import duties on Chinese products to below 60 per cent. Possible cuts could take effect as early as next week, depending on the course of the consultations.
Source: NU.co.uk
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