China’s Unexpected Export Drop Shows Why It Wants a Trade Deal
(Worthy News) – The unexpected drop in China’s exports in November shows one reason why the nation wants to agree on a phase one trade deal – U.S. tariffs are hurting China’s exports at a time when global demand is already weak.
Total exports in November dropped 1.1% from a year ago, and to the U.S. they were down 23%, the customs administration said Sunday. That was the worst result for exports to the U.S. since February and the 12th straight monthly decline. Overall shipments had been expected to rise 0.8%, as retailers and companies stock up before the Christmas shopping season.
About 18 months of tit-for-tat tariffs have damaged both economies, with Chinese companies and American farmers selling less to the other side. When the two sides agreed to work on a ‘phase one deal’ in October there was hope that it would lead to a quick resolution of at least some of the underlying issues. However negotiations have stretched out and even if some of the tariffs are removed, both sides will be economically worse off than they would have been without the conflict. [ Source: Bloomberg (Read More…) ]
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