Published: Tue, October 15, 2019
Markets | By Otis Pena

China exports, imports in deeper contraction

China exports, imports in deeper contraction

Fox Business host Maria Bartiromo criticized President Donald Trump's administration for "overselling" a new trade agreement with China, arguing that "the Chinese got what they want" while the US got very little in return.

"China has agreed on agriculture that they're gonna take off tariffs", imposed in retaliation for duties that President Trump slapped on the country in 2018, initiating a trade battle that ramped up costs for USA businesses and rattled global markets. United States commodity imports fell 20.6% from a year earlier to $ 10.6 billion, a slight improvement from August's 22% decline.

China's latest trade data show that trade with the U.S. fell sharply in September from the same month previous year.

"It's curious that Washington and Beijing have not yet put this "deal" in writing", said Wendy Cutler, a former United States trade negotiator now at the Asia Society Policy Institute.

Trump also has yet to drop plans to impose tariffs that are set to take effect December 15 on an additional $160 billion in Chinese products - a move that would extend the sanctions to just about everything China ships to the U.S.

The United States is not finding "flexibility or any give on those issues", said former U.S. Treasury undersecretary of global affairs Nathan Sheets.

Although Trump previously accused China of delaying the deal in the hopes that he would lose to a Democrat in 2020, McGregor says that "the Chinese know Trump won't get impeached and that it's very likely he will get re-elected to the White House in 2020".

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China would make the purchases only if U.S. President Donald Trump rolls back levies put in place since the trade war began, Bloomberg said, citing people familiar with the matter.

He notes that the People's Republic also agreed "to do a better job at protecting intellectual property rights and to open up the nation's financial markets even further by allowing U.S. investment firms and banks to expand operations in the country". "The only thing that happened Friday was that the US delayed the tariff increase". "If that's the case, we should expect more bumps in the road in the lead up to a mid-November meeting between Trump and Xi". If China ultimately buys the stated amount of goods, American farmers hit hard by the president's trade wars would benefit significantly. We think they can.

Engulfed in an impeachment inquiry, US President Donald Trump heralded the deal as a major breakthrough. China's global trade surplus expanded by 42.2 percent to $39.7 billion.

Euro zone growth halved in the second quarter of this year as Germany's economy shrank and trade slowed, the European Union reported on September 6. The U.S. hasn't made a decision on the planned December tariffs on $156 billion in Chinese goods.

Several issues left to resolve include accusations of intellectual-property theft, forced technology transfer and complaints about Chinese industrial subsidies.

Trump will hold off on more tariffs.

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