China imports from US plunge 31 pct. in June amid tariff war

China imports from US plunge in June amid tariff war

In the readout of the Xi-Trump meeting published by the state-run Xinhua news agency, it only mentioned that Mr Trump said he hoped China could increase imports from the U.S., and didn't say how Mr Xi or the Chinese team responded.

Asia-Pacific shares went down on Friday, a day after U.S. President Donald Trump said China wasn't delivering on its pledge to purchase more agricultural products as part of the terms in the highly-anticipated China-U.S. trade deal. Analysts believe the downtrend was caused by concerns regarding the potential re-escalation of the China-U.S. trade war.

Last week, an influential Chinese agricultural researcher said it's unlikely Beijing will start purchasing large amounts of US products anytime soon. Major sticking points include when and by how much China will increase its imports of USA farm products, and how exactly the US will ease trade restrictions on Chinese technology giant Huawei Technologies Co.

President Trump on Thursday accused China of breaking a promise President Xi Jinping made at the G20 to buy more USA farm products - ratcheting up the pressure as talks resumed over the trade war between the world's two largest economies.

Envoys talked by phone Tuesday in their first contact since Trump and Xi met in Japan, the Chinese Commerce Ministry said. Export expanded 6.1 percent while import rose 1.4 percent, GAC data showed. Trump said he will ease up the ban on Huawei and talks between Beijing and Washington will resume.

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China bought 127,800 metric tons of United States soybeans last week, the equivalent of about two cargoes and a 79 per cent reduction from the previous week.

China's slowing economy gives President Xi Jinping little room to fight back forcefully against the U.S. - which is using tariffs as leverage to try to force Beijing into opening up its economy.

On Thursday (July 11), Trump accused China of "letting us down" by not promptly buying more United States farm products.

Trump's statement "highlighted how more speed bumps may remain in the road ahead", said Craig Orlam of OANDA in a report.

Economists say even if a settlement is reached, China's exports this year will be lacklustre due to weak global demand, putting pressure on manufacturers that support millions of jobs.

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