In May, the increase in exports in China slowed down due to the ongoing tariff uncertainty – Cyprus Newspaper
In May, the rate of exports in China slowed down due to the ongoing uncertainty caused by trade tension climbing with mutual tariffs with the US.
According to the data of the Chinese Customs General Administration, exports increased by 4.8 percent in May compared to the same period of the previous year and reached 316.1 billion dollars.
The rate of exports increased lagging behind the 8.1 percent increase in April, while the impact of the uncertainty caused by mutual tariff increases with the US continued to be felt.
During this period, the country’s imports decreased by 3.4 percent on an annual basis, while the foreign trade surplus was calculated as 103.2 billion dollars.
China’s exports to the United States decreased faster
In May, China’s exports to the United States decreased by 34.5 percent, while a decrease in a 21 percent decrease in April.
Exports to Southeast Asian Nations (ASEAN) countries, which are the largest trade partner in China, increased by 14.8 percent, while the 20.8 percent increase in April.
While the country’s exports increased by 2.3 percent in January and February, it rose by 12.4 due to preliminary shipments made with the expectation that the US would raise its customs tariffs more.
Despite the tension that climbed with mutual tariff increases in April, China increased by 8.1 percent despite the tension and gave a sign of resistance to external shock.
Tariff Negotiations will continue in London today
American and Chinese officials will meet in London, the capital of England for the new round of negotiations for the solution of the trade tension.
The negotiations will represent the US side of the US Treasury Minister Scott Bessent, Trade Minister Howard Lutnick and Trade Representative Jamieson Greer, and Chinese Deputy Prime Minister HI Lifing will represent the Chinese side.
Tariff restoration between the US and China and tension in relationships
US President Donald Trump announced additional customs duties to trade partners, including China on April 2, and at the end of the tariff restoration between the two countries with the response of China, the United States increased its customs tariff to China up to 145 percent, and China brought 125 percent of customs tariff to the United States.
Following the climbing commercial tension, US and Chinese officials came together in Geneva, Switzerland for tariff negotiations on May 10-11 and decided to reduce mutual customs duties for 90 days. After the meeting, the US as of May 14, Chinese goods imposed on customs duty from 145 percent to 30 percent for 90 days, China’s tax on US goods from 125 percent to 10 percent decided to reduce.
US President Trump, on May 30, accused China of violating the majority of the agreement reached in Geneva, Chinese President Shi Cinping will talk about it and said that he hoped to solve the problem.
The Washington administration argued that Beijing did not remove the restrictions imposed on the export of rare metals despite the reconciliation, but in response, he brought control to the export of artificial intelligence chips, stopped the sale of software used in the chip design to China, and announced that the Chinese University Students will cancel the visa of Chinese University students.
US President Donald Trump and Chinese President Shi, Shi, met on the phone for the first time after the trade tension climbing with mutual tariff increases between the two countries, and the parties from the two countries, the delegations from the two countries agreed to continue to work for the implementation of the agreement reached in Geneva.
