China’s exports slowed in April as Trump’s tariffs kicked in
CNN
China’s export growth declined sharply in April after Donald Trump’s triple-digit tariffs took effect, in another sign of the damage the US president’s trade war is causing the world’s two largest economies as they prepare for de-escalation talks.
China’s export growth fell in April after Donald Trump’s triple-digit tariffs took effect, in another sign of the damage the US president’s trade war is causing the world’s two largest economies as they prepare for de-escalation talks. Outbound shipments grew by 8.1% in US dollar terms last month, according to customs data released on Friday, compared to growth of of 12.4% in March, when businesses rushed to get their orders shipped before the sky-high tariffs took effect. China’s exports to the US declined by 2.5% in April, while its imports from the country fell by 4.7%. The trade figures, though not as bad as economists had expected, add to a slew of economic data pointing to the significant toll the ongoing trade war is already taking on both the Chinese and US economies. Last week, official data showed China’s factory activity contracted at its fastest pace in 16 months in April, adding urgency to Beijing’s efforts to roll out fresh economic stimulus. In the US, the economy went into reverse in the first quarter, its first contraction in three years, as businesses stockpiled goods in anticipation of Trump’s “Liberation Day” tariffs, which began in April. The stark numbers illustrate what’s at stake this weekend when Trump’s top trade officials meet with their Chinese counterparts in Geneva, Switzerland to discuss a possible de-escalation of the tariff war. The US has placed at least a 145% tariff on most Chinese imports, and China has responded with a 125% tariff on most US imports. As a result, trade between the two sides is falling sharply, according to logistics experts. Ships now pulling into US harbors from China are the first to be subject to the tariffs that America is imposing on most Chinese imports. That means, in a matter of weeks, consumers will face higher prices and shortages of certain items.
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