BEIJING – China’s trade with the United States (US) sank in November as negotiators of the two giant economies worked on the first stage of a possible deal to end the tariff war.
Exports to the US fell 23 percent from a year earlier to $35.6 billion, customs data showed Sunday. Exports to some other countries including France rose, helping to offset the loss.
China’s global exports were off 1.1 percent from a year earlier at $221.7 billion despite weakening worldwide demand. Imports were up 0.3 percent at $183 billion, giving China a global surplus of $38.7 billion.
Hopes for a settlement to the fight over Beijing’s technology ambitions and trade surplus rose after President Donald Trump’s announcement of a “Phase 1” agreement following talks in October. But there has been no sign of agreement on details nearly two months later.
The dispute has disrupted global trade in goods from soybeans to medical equipment and threatens to depress economic growth.
Trump put off a tariff increase in October but penalties already imposed by both sides on billions of dollars of imports stayed in place. Another US increase is due Sunday on $160 billion of Chinese goods. That would extend penalties to almost everything Americans buy from China.
Chinese spokespeople have expressed hope for a settlement “as soon as possible,” but Trump spooked financial markets last week by saying he might be willing to wait until after the US presidential election late next year.
Financial markets have repeatedly risen on optimism about the talks only to fall back when no progress is announced. (AP)
