China's April imports exceed exports to the Pacific region amid China-US trade deal
Total Views |
Beijing, May 8: Following months of fraught talks between the two major world economies, aimed at resolving a trade war, the custom administration’s official data released on Wednesday, reveal increased imports amid fall in China's exports, for the month of April this year.
The trade war has battered shipments between the US and China. US President Donald Trump has upped the ante with plans to more than double tariffs on USD 200 billion in Chinese goods on Friday, the last day of a two day visit by Vice Premier Liu He.
“China's exports across the Pacific fell 13.2 per cent for April from a year earlier, while imports from the US fell 25.7 per cent”, the data read adding that the politically sensitive trade surplus with the US remained large, widening to USD 21 billion last month from USD 20.5 billion in March.
Beijing has moved to jumpstart its cooling economy this year with massive tax cuts and fee reductions, and a targeted reduction in the amount of cash that small and medium-sized banks must hold in reserve announced on Monday.
Global markets have meanwhile taken a beating this week as investors grow increasingly concerned that the China-US trade deal, which last week appeared all but ready to sign, could fall through.