Commerce between the world’s two largest economies, the United States and China, has fallen sharply in the first nine months of this year amid the ongoing trade war.
US imports from China plunged $53 billion to around $342 billion. In September, the US imported just over $40 billion of goods, down from nearly $48 billion in the year-ago period.
Exports to China were also down to around $78.7 billion in comparison with $93.3 billion last year.The trade deficit with China fell to $263 billion from nearly $302 billion in the first nine months of 2018.
A new report from the United Nations said the ongoing trade war was harming both economies.
“A lose-lose trade war is not only harming the main contenders, it also compromises the stability of the global economy and future growth,” head of UNCTAD’s (the UN Conference on Trade and Development) international trade and commodities division Pamela Coke Hamilton said in a statement.
The trade row between the two nations has been ongoing for more than a year, resulting in multiple rounds of tit-for-tat tariffs and restrictions.The sides have been trying to finalize a deal in recent weeks. US President Donald Trump and his Chinese counterpart Xi Jinping are expected to meet in the near future to discuss a possible Phase One of the trade agreement.
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