China and the Trade War Continues

China and the Trade War Continues

Amidst the trade war, China’s exports were up 16% in October compared to the same month last year. Think China’s good fortune will last?

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Total Votes : 7

Scroll down to see how people across America voted.

Despite the trade war between the United States and China, China’s exports increased 16 percent in October compared to the same month last year, according to CNN. This significant leap comes as a surprise seeing that Trump hit China with tariffs on $200 billion goods in October. CNN reports that a possible reason for the surge is that companies are expecting increased tariffs in the months to come – tariffs are set to rise from 10 percent to 25 percent at the end of the year.

According to CNN, Head of Asia economics at Oxford Economics Louis Kuijs wrote in a client note that the upcoming rise in duties “encourages exporters to rush through orders to the United States” but that it’s “obviously not the whole story.” The sudden drop in China’s currency is also a factor, slumping close to 10 percent against the dollar and shining light on the increased concern among investors regarding China’s economy.

Chinese products, however, have become more competitive with those of rival exporters due to the downward slide of the yuan, as stated by CNN, and counterbalances some of the U.S. tariffs. Furthermore, China exported goods to big markets such as the European Union and Japan in October, which also played a role in the 16 percent increase in exports. But economists believe that China is yet to experience greater hardship regarding their export industry.

According to CNN, investment bank ANZ expects China’s export industry to feel the full effect of the trade war at the end of this year when U.S. tariffs rise to 25 percent.

Will President Trump and Chinese President Xi Jinping agree on a resolution at the G20 summit in Buenos Aires later this month? Experts are doubtful. Read more about this on CNN here.


Here’s how people on the Zip app are weighing in on this all over the country!

Amidst the trade war, China’s exports were up 16% in October compared to the same month last year. Think China’s good fortune will last?

Totals
31% Y- Global demand is huge
69% N- Downhill by end of 2018
Males
36% Y- Global demand is huge
64% N- Downhill by end of 2018
Females
22% Y- Global demand is huge
78% N- Downhill by end of 2018

Y- Global demand is huge

N- Downhill by end of 2018

China and the Trade War Continues


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