Chinese shipment to the US has declined sharply as a result of tariff war which further triggered the risk of a piercing economic slowdown.
The exports in China saw a sharp decline in the month of August. Beijing government will soon bring supportive measures to avoid economic slowdown.
The latest export decline is huge than the previous year though analysts were expecting the rise. China to US exports saw a 16% decline year-on-year. Earlier, 6.5% fall observed in July exports. On the other hand, US imports also collapsed to 22.4%.
Years-long trade spat further rose in August when the US announced 15% tariffs on Chinese products with effect from September. China also implemented retaliatory tariffs and also devalued its currency to minimize tariffs pressure. The US accused China as a money manipulator for devaluing its currency. An economist Zhang Yi revealed that yuan currency depreciation didn’t cause the rise in exports.
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