China’s exports fell by 1.0% year-on-year in August, according to official data, amid a trade war with the United States that is affecting the world’s first two economies. The fall comes after a surprise hike in July of 3.3% despite the conflict with Washington and weak global demand.
China’s trade surplus also fell significantly in August to $34.83 billion, compared to 44.580 million the previous month.
Meanwhile, the pace of imports continued to slow to 5.6% year-on-year, the same figure as in July.
New tariffs
On September 1, the United States announced new tariffs in its willingness to force a new agreement with Beijing. It imposed a 15% tax on more than 125 billion Chinese imports, including smart speakers, Bluetooth headphones, books, baby diapers and many types of footwear.
The nine tariffs are in added to the 25% already applied to Chinese imports worth $250 billion. China announced new negotiations with the United States in Washington in early October on Tuesday.
Chinese Domestic Product (GDP) grew by 6.2% year-on-year in the second quarter, its lowest level in nearly three decades.
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