U.S. Tariffs Are Starting To Hurt The Chinese Economy

Exports performed slightly better than economists polled by Bloomberg, who had forecast a 1.7 per cent drop, while imports were lower, with the poll predicting a 4.6 per cent drop. Photo: Reuters

SCMP: China’s exports and imports both fell in June, as higher US trade war tariffs blitz Chinese economy

* Exports fell by 1.3 per cent year-on-year after tariffs on US$200 billion of Chinese goods were raised from 10 per cent to 25 per cent by Washington in May
* Over the first half of the year, China’s exports to the US fell by 8.1 per cent to US$199.4 billion, while imports dropped by 29.9 per cent to US$58.9 billion

China’s exports fell in June, as trade tariff increases from the United States came into effect, while imports continued to weaken amid declining domestic demand.

In June, exports fell by 1.3 per cent year-on-year to US$212.8 billion, after tariffs on US$200 billion of Chinese goods were raised from 10 per cent to 25 per cent by Washington in May. This was down from 1.1 per cent growth in May.

Imports, meanwhile, continued to slump, falling 7.3 per cent in June to US$161.8 billion, according to data published by General Administration of Customs in China on Friday. This followed a 8.5 per cent decline in May.

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WNU Editor: China needs to create 20,000,000 new jobs each year. This thinking is gospel in Beijing, and a barometer used by the government to measure the well-being of the country. These numbers are horrible, and it is unsettling a lot of people in China.