China's U.S. imports plunge 31% from previous year amid tariff war

China's U.S. imports plunge 31% from previous year amid tariff war

The truce suspended US plans to impose tariffs on an additional $300 billion in Chinese goods - action that would have extended the taxes to everything China ships to America.

"Mexico is doing great at the Border, but China is letting us down in that they have not been buying the agricultural products from our great Farmers that they said they would. Hopefully they will start soon!" the president wrote.

Mr Trump also claimed Mr Xi had agreed that China would buy large amounts of United States agricultural goods.

President Donald Trump via Twitter Thursday morning said China is "letting us down" by not buying USA farm products "that they said they would".

In the readout of the Xi-Trump meeting published by the state-run Xinhua news agency, it only mentioned that Mr Trump said he hoped China could increase imports from the U.S., and didn't say how Mr Xi or the Chinese team responded.

The charts above are based on worldwide trade data reported by the U.S. Census Bureau, which were recently updated to include May 2019.

China's trade with the United States plunged last month as a tariff war battered exporters on both sides of the Pacific Ocean. Trump said at last month's G-20 meeting in Osaka, Japan, that Chinese President Xi Jinping had agreed to order large new purchases of USA agricultural goods "almost immediately".

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That left China with a trade surplus of $50.98bn last month, compared with a $41.66bn surplus in May.

"It seems the two sides are arm-wrestling about the basis on which they'll resume talks, as well as when and where", said Zhou Xiaoming, a former commerce ministry official and diplomat.

The chairman of Huawei said Friday that his company has yet to see any benefit from Trump's promise to ease restrictions on sales of components to the Chinese tech giant, which was put on a US national security blacklist in May.

Since both nations first slapped tariffs on each others' goods back in March 2018, the cumulative loss in the value of goods exported between both nations now totals $42.9 billion.

China media reported that, when meeting with Xi, Trump had only expressed the hope that China would be buying American agricultural products on a large scale as part of the ceasefire.

China bought 127,800 metric tons of United States soybeans last week, the equivalent of about two cargoes and a 79 per cent reduction from the previous week.

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