Sunday, 15 September, 2019

China imports from US plunge 31 pct. in June amid tariff war

Trump says 'China is letting us down' on buying from U.S. farmers Emir Sheikh Tamim bin Hamad Al Thani at the White House in WashingtonMore
Russell Knight | 13 July, 2019, 14:12

China retaliated with penalty duties and ordered importers to find non-U.S. suppliers.

China has started preparing to buy farm products, including gauging the prices of USA soybeans, but will not purchase large amounts until it sees concrete progress in the negotiations, a person familiar with the matter said Friday.

China's imports from the United States plunged in June amid a tariff war with Washington while exports to the USA market weakened.

"And while the truce reached between (presidents) Trump and Xi at the G20 late last month removes the immediate threat of further United States tariffs, our base case remains that trade talks will break down again before long".

While Chinese buyers last year scooped up Brazilian supplies in anticipation of hefty tariffs on U.S. cargoes, importers this year were better prepared with stocks.

Envoys talked by phone Tuesday in their first contact since Trump and Xi met last month in Japan, the Chinese Commerce Ministry said. It gave no details or a date for more contacts.

Liang's complaint came a day after Trump accused Beijing of "letting us down" by not promptly buying more USA farm products.

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According to Reuters, ANZ analysts noted that Trump's comments about China's alleged failure to live up to its commitments on trade with the USA may not be a huge move compared to previous statements but the us president may be delivering a warning.

China's global exports sank 1.3% to $212.8 billion while imports fell 7.3% to $161.9 billion.

A steady performance of the domestic economy could provide Beijing with fresh confidence to take a harder stance in talks with Washington, as it would indicate the USA tariffs and the acceleration of the relocation of manufacturing from China to Southeast Asian countries has not derailed growth.

Washington and Beijing were close to completing a deal in May when Chinese officials balked at requirements that it change its laws to implement reforms, U.S. officials charged.

Trump did not specifically say he will re-escalate the trade war. "While a deal makes sense for both sides this year, it's far from guaranteed and could hit many more snags".

U.S. -China trade frictions brought some pressure on China's trade, but the impact is manageable, Li said.

"Hopefully, they will start soon".

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