China Stops Buying American Made Goods

#China #trade

China bought fewer American products in May Vs the prior month, while exports to the US rose, according to customs data released Monday.

China bought $13.11-B worth of goods from the US in May, down from $13.94-B in April, data accessed through Wind Information showed. May’s figure marked the lowest monthly amount since last October, the data showed.

While overall Chinese imports from other countries grew at their fastest pace in 10 yrs, + 51.1%, the pace of growth for imports from the US slowed to 41% in May from a yr ago, Vs 52% the previous month.

China’s trade surplus with US rose, the increase comes despite efforts by President Trump (45) to reduce that surplus.

According to the US-based Peterson Institute for International Economics, China is still behind on meeting its agreement to buy more American goods, as laid out in the Phase 1 trade deal signed in January 2020.

The US is China’s largest trading partner on a single-country basis, despite the trade tensions. In the last 2 wks, Treasury Secretary Janet ‘Schoolmarm’ Yellen and Trade Representative Katherine Tai have each spoken separately with Chinese Vice Premier Liu He for the 1st time.

Have a healthy day, Keep the Faith!

#Biden#China#trade#Trump