China's export growth slows in August with shipments to U.S. down 33%

"In the first eight months of the year, China's exported $785.3 billion more in goods than it imported from other countries, the monthly customs data showed. President Donald Trump has imposed 30% in additional tariffs on imports from China since taking office early this year. He backed down from even higher tariffs after China retaliated with import taxes of its own. The two countries are in talks to try to reach a trade agreement."

"The tariffs from both sides and the possibility they could be raised again are having an impact on two-way trade. Chinese exports to the U.S. plunged 33% in August to $47.3 billion, while its imports from the U.S. dropped 16% to $13.4 billion. Exports to the EU rose 10.4% to $46.8 billion, while imports from the 27-member bloc edged down slightly to $22.8 billion."

"China's exports of rare earths rose on a monthly basis to $55 million in August, up from $41 million in July, but down 25.6% compared to the same month last year. Rare earth magnets, which can withstand high heat, are vital to many products including washing machines, cars and fighter jets. China dominates the global market for processing rare earths, and a clampdown on their export in April temporarily halted production at"

China's exports reached $321.8 billion in August, a 4.4% year-on-year increase, slowing from July's 7.2% rise. Imports totaled $219.5 billion, up 1.8%. The trade surplus for the first eight months stood at $785.3 billion. U.S. tariffs of up to 30% and Chinese retaliatory levies have reduced bilateral trade, with Chinese exports to the U.S. down 33% to $47.3 billion and imports from the U.S. down 16% to $13.4 billion in August. Exports to the EU rose 10.4% to $46.8 billion. Rare earth exports rose monthly to $55 million but fell 25.6% year-on-year.

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