Chinese Exports Bound For US Plunge To 5-Year Low
Chinese exports to the U.S. fell nearly 35% in May compared to a year prior as trade tensions escalate between the two countries, The Associated Press reported Monday. China exported $28.8 billion worth of goods to the…
Chinese exports to the U.S. fell nearly 35% in May compared to a year prior as trade tensions escalate between the two countries, The Associated Press reported Monday.
China exported $28.8 billion worth of goods to the U.S. in May, a substantial decrease from $44 billion in May 2024 that marks the steepest year-over-year drop in shipments since February 2020, according to Chinese government data reviewed by the AP. The drop in U.S.-bound exports occurred in the same month in which a temporary trade truce between Beijing and Washington fell apart.
Under the May 12 trade truce, both countries committed to reducing tariffs for 90 days while working towards a more permanent deal, but the agreement quickly unraveled as each side accused the other of breaching its terms.
“I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen. Because of this deal, everything quickly stabilized and China got back to Business as usual. Everybody was happy! That is the good news!!!” President Donald Trump posted to Truth Social on May 30. “The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!”
In response, the Chinese government accused