Bloomberg reports Chinese Exports to US Slump 21% But Soar to Rest of Asia, Europe
China’s export growth rose even as shipments to the US slumped sharply in the first month after President Donald Trump hit its goods with tariffs above 100%, a boost for a domestic economy that’s been increasingly reliant on foreign demand.
Total exports expanded 8.1% last month, above the 2% increase forecast by economists. Imports fell 0.2%, leaving a trade surplus of $96 billion, according to data from the customs administration Friday.
Shipments to the US fell 21% after the imposition of tariffs in early April, while those to the 10 Southeast Asian nations in the Asean group rose 21% and exports to the European Union were up 8%.
The first official hard data after the trade war escalated captures only the initial damage from the prohibitive tariffs, with their effects likely to become more pronounced starting this month. The expectation of many analysts is that unless the levies are reduced, trade between the world’s two largest economies would eventually fall to negligible levels after reaching almost $690 billion last year, decimating industries and raising prices for companies and consumers.
Also note Japan’s Early Exports in April Slow as US Tariffs Hit Firms
Japan’s exports slowed in the first 20 days of April as the US tariff campaign intensified with new car and across-the-board levies.
The levy on cars and auto parts, Japan’s most lucrative exports to the US, is of particular concern for the nation, as some economists expect the economy to have contracted in the first quarter of this year even before the tariffs began hitting the nation.