AP

China’s trade with US shrinks again in September

Oct 14, 2019, 5:30 AM
Women shop at the Shanghai Disney flagship store at the Hongqiao Railway Station in Shanghai, China...
Women shop at the Shanghai Disney flagship store at the Hongqiao Railway Station in Shanghai, China, Monday, Oct. 14, 2019. China's trade with the United States fell by double digits again in September amid a tariff war that threatens to tip the global economy into recession. (AP Photo/Andy Wong)
(AP Photo/Andy Wong)

BEIJING (AP) — China’s trade with the United States fell by double digits again in September amid a tariff war that threatens to tip the global economy into recession.

Exports to the United States, China’s biggest foreign market, fell 21.9% to $36.5 billion, a deterioration from August’s 16% decline, customs data showed Monday. Imports of American goods sank 15.7% from the year before to $10.6 billion, an improvement over the previous month’s 22% fall.

President Donald Trump agreed Friday to put off an additional tariff hike planned for this week on Chinese imports. In exchange, he said Beijing agreed to buy up to $50 billion of American farm goods. But they reported no agreements on disputes over China’s trade surplus and technology policies that brought on the 15-month-old fight.

“The external environment facing China’s foreign trade development is still complicated and severe. Instability and uncertainty are increasing,” a customs agency spokesman, Li Kuiwen, said at a news conference.

Tit-for-tat tariff hikes on billions of dollars of each other’s goods have battered manufacturers and farmers on both sides and disrupted supply chains worldwide. Uncertainty has prompted some companies to postpone investments, adding to downward pressure on global growth and fueling financial market jitters.

China’s global exports fell 1.4% from a year earlier to $218.1 billion. Imports fell 5.8% to $178.5 billion.

The slump adds to pressure on President Xi Jinping’s government to shore up cooling economic growth and prevent politically risky job losses.

Chinese growth fell to its lowest level in at least 26 years in the quarter ending in June, decelerating to 6.2% over a year earlier.

Forecasters expect growth in the July-September quarter, due to be reported this week, to fall further to as low as 5.9%, sinking below the ruling Communist Party’s official target for the year of at least 6%.

“While import growth should start to recover soon, it will take longer before export growth bottoms out,” said Martin Lynge Rasmussen of Capital Economics in a report. “The mini U.S.-China trade deal reached on Friday doesn’t alter the outlook significantly.”

The country’s politically sensitive trade surplus with the United States contracted by 16.5% from a year earlier but stood at $25.9 billion.

Increased exports to Britain and other European countries and developing markets such as Vietnam helped to offset some of the losses. China’s global trade surplus expanded by 42.2% to $39.7 billion.

For the first nine months of the year, Chinese imports of American goods were off 26.4% at $90.6 billion. Exports to the United States were off 10.7% at $312 billion.

Trump put off a tariff hike planned for Tuesday on $250 billion of Chinese goods. But Washington still is planning a Dec. 15 tariff hike on $160 billion of smartphones and other imports.

Before then, Trump and Chinese President Xi Jinping are due to attend an economic conference in Chile in mid-November. That is raising hopes a face-to-face meeting might produce progress.

Talks broke down in May over Beijing’s insistence that Trump’s punitive tariffs had to be lifted once a deal took effect. Washington says some must remain in place to ensure Chinese compliance. Trump and Xi agreed in June to resume negotiations but they have announced no breakthroughs.

___

General Administration of Customs of China: www.customs.gov.cn

Today’s Top Stories

AP

Ketanji Brown Jackson takes the oath for the Supreme Court....
MARK SHERMAN Associated Press

Jackson sworn in, becomes 1st Black woman on Supreme Court

Judge Ketanji Brown Jackson, 51, will be sworn as the court's 116th justice Thursday, just as the man she is replacing, Justice Stephen Breyer, retires.
23 hours ago
The Supreme Court is pictured. The court just limited the EPA...
MARK SHERMAN Associated Press

Supreme Court limits EPA in curbing power plant emissions

The Supreme Court on Thursday limited how the nation's main anti-air pollution law can be used to reduce carbon dioxide emissions from power plants.
23 hours ago
President Joe Biden speaks during a news conference on the final day of the NATO summit in Madrid, ...
DARLENE SUPERVILLE and ZEKE MILLER Associated Press

Biden says transatlantic alliance has adapted to new threats

Biden's comments came at a press conference in Madrid at the conclusion of the annual meeting of NATO leaders and after he attended a summit with the Group of Seven advanced democratic economies in the Bavarian Alps.
23 hours ago
A Rite Aid logo is displayed on its store...
HALELUYA HADERO, AP Reporter

Amazon, Rite Aid cap purchase of emergency contraceptives

Retailers limiting purchases is standard practice that helps retailers prevent stockpiling and reselling at higher prices.
23 hours ago
FILE - Hershel "Woody" Williams, center, the sole surviving U.S. Marine to be awarded the Medal of ...
The Associated Press

Last remaining WWII Medal of Honor recipient dies at 98

A 98-year-old man from West Virginia, who was the last Medal of Honor recipient from World War II has died.
2 days ago
Mourners pay their respects at a makeshift memorial at the site where officials found dozens of peo...
The Associated Press

Toll now at 53 in San Antonio as families wait for answers

The families of the dead migrants found inside a tractor-trailer earlier this week are waiting for answers.
2 days ago

Sponsored Articles

Tax Harassment...
Jordan Wilcox

The best strategies for dealing with IRS tax harassment | You have options!

Learn how to deal with IRS tax harassment. This guide will teach you how to stop IRS phone calls and letters, and how to handle an IRS audit.
spend a day at Bear Lake...
Bear Lake Convention and Visitors Bureau

You’ll love spending the day at Bear Lake | How to spend a day at Bear Lake

Bear Lake is a place that needs to be experienced. Spend a day at Bear Lake.
Curb Appeal...
Price's Guaranteed Doors

How to have the best of both worlds for your house | Home security and curb appeal

Protect your home and improve its curb appeal with the latest security solutions like beautiful garage doors and increased security systems.
Prescription opioids can be disposed of during National Prescription Take Back Day...
Know Your Script

Prescription opioid misuse | How to protect your family from the opioid epidemic

Studies have shown that prescription opioid misuse has increased since COVID-19. So what do you need to know about these opioids?
national heart month...
Intermountain Healthcare

National Heart Month: 5 Lifestyle Changes to Make Today to Keep You Heart Healthy

Heart disease is the leading cause of death for both men and women. One person dies every 36 seconds in the United States from cardiovascular disease
Joseph Smith Memorial Building...
Temple Square

The Joseph Smith Memorial Building is an icon of Salt Lake City | Why hosting an event at this beautiful location will make you a hero this year

Here's why hosting an event at the iconic Joseph Smith Memorial Building in downtown Salt Lake City will make you a hero this year.
China’s trade with US shrinks again in September