Commerce between the world’s two largest economies, the USA and China, has fallen sharply in the first nine months of this year amid the ongoing trade war, resulting in lower direct import taxes for both governments.
US imports from China plunged $53 billion to around $342 billion, while 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. The USA imported just over $40 billion of goods, down from nearly $48 billion in the year-ago period.
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.
RT. com / ABC Flash Point News 2019.