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US-China trade sinks in November as tariff war drags on

US-China trade sinks in November as tariff war drags on
Chinese exports to the United States in November dropped 23 percent from a year earlier to $35.6 billion, customs data showed. Trade between the two global superpowers has been tumbling despite efforts to cut a deal.

Imports of American goods were down by 2.8 percent to $11 billion, giving China a surplus with the United States of $24.6 billion, according to the data.

Meanwhile, Chinese exports to other countries including France were up, helping to offset the loss.

China’s global exports fell 1.1 percent, compared with last year, to $221.7 billion despite weakening worldwide demand. Imports grew 0.3 percent to $183 billion, giving the country a global surplus of $38.7 billion.

Also on rt.com Trump says US trade deal with China may have to wait until after 2020 election

The US and China have yet to sign the so-called “phase one” agreement announced in October to de-escalate the ongoing trade war which has been damaging the economies of both countries.The conflict between the world’s two biggest economies has been going on for over a year, resulting in multiple rounds of tit-for-tat tariffs and restrictions. An interim US-China deal is widely expected to include Washington’s pledge to scrap tariffs scheduled for December 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers, and toys.

Last week, President Donald Trump said it might be better to wait until after the November 2020 US election to reach a trade agreement with Beijing.

China’s Assistant Commerce Minister Ren Hongbin said on Monday that Beijing hopes a trade deal will come “as soon as possible.”

For more stories on economy & finance visit RT's business section

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