- China’s export economy grew 12.2% in July despite Trump’s levying tariffs on Chinese goods earlier this month.
- Chinese imports also grew despite retaliatory tariffs on the US.
- Trump imposed tariffs on $34 billion worth of Chinese goods on July 6, and is expected to tax $16 billion more later this month.
China’s export market grew by 12.2% in July after Donald Trump slapped billions of dollars worth of tariffs on the country earlier that month.
The Trump administration instigated the tax on $34 billion worth of Chinese goods last month, citing „unfair trade practices,“ and is set to announce a second tranche of tariffs on $16 billion worth of products later this month.
But despite Trump’s trade war, Beijing exported $215.5 billion in July, constituting a 12.2% rise on June’s figures.
The reasoning behind the rise in Chinese exports is not clear. The yuan weakened dramatically in late June, which likely made exports cheaper.
The figures run counter to Trump’s earlier claims that China was „doing poorly against us,“ and that US tariffs had been „really hurting“ China’s economy.
….China, which is for the first time doing poorly against us, is spending a fortune on ads and P.R. trying to convince and scare our politicians to fight me on Tariffs- because they are really hurting their economy. Likewise other countries. We are Winning, but must be strong!
— Donald J. Trump (@realDonaldTrump) August 4, 2018
Shortly after Trump announced his tariffs on China, Beijing also retaliated with $34 billion worth of tariffs of their own on American products.
But despite this, imports into China also grew by 27.3% in July, totalling $187.5 billion. This was likely due to robust demand within China for foreign products, Reuters reported.
Chinese state media recently launched several attacks on Trump in reaction to the threat of further sanctions. The People’s Daily newspaper on Monday wrote that Trump was „starring in his own carefully orchestrated street fighter-style deceitful drama.“
Source: Business insider