Exports from China has fallen again in November as shipments to the US dramatically declined amidst the continued trade war between the two countries.
November exports from China, the world's second largest economy, decreased by 1.1% compared to last year, making it the fourth straight month of decline, as the trade war with the US continued.
Chinese exports to the US fell by a whopping 23% during the month, the worst decline since February of this year and marks the twelfth straight monthly decrease.
This trend is expected to continue as the US is scheduled to impose another round of tariffs on Chinese products next Sunday as part of the dispute. House economic adviser Larry Kudlow announced that a new round of tariffs on around $156 billion of Chinese exports remains in place.
While the US and China are currently in negotiations for a potential deal that will de-escalate the trade dispute, the two nations have failed to agree on its details. Moreover, economists pointed out that even if they successfully negotiated to halt the new US tariffs, many consumers will have already found alternative suppliers.
On Thursday, President Donald Trump claimed that trade negotiations with China are "moving right along" but China insisted that existing tariffs must be removed as part of any interim deal.
The US-China trade war has been going on for 17 months and is perceived to be increasing thre risks of a global recession. More stimulus measures may be sought by China's policymakers in order to boost country's economic growth, which has slowed down to near 30-year lows.
Worsening relations
To make matters worse, the US House of Representatives has passed a bill that condemns the "arbitrary detention, torture, and harassment" of Uighur Muslims in China. This follows President Trump’s decision to sign into law a bill that supports pro-democracy protesters in Hong Kong, which also angered China.
