00:00The trade tug-of-war between the United States and China is escalating again.
00:04Chinese exports to the U.S. dropped 33% in August, hitting their lowest level in six months.
00:13Globally, China exports actually ticked up by about 4.5%, but that was their slowest growth since February.
00:20The drop to the U.S. comes as Washington and Beijing extended their tariff truce into November, giving negotiators more time.
00:28Right now, President Trump's tariffs on Chinese goods average nearly 58%.
00:33Beijing has retaliated with about 33% on U.S. products.
00:38And Donald Trump is threatening to go even further, warning he could impose a 200% tariff if China cuts exports of rare-earth magnets, essential for cars, electronics, and renewable energy.
00:49With U.S. demand shrinking and pressure mounting, China is pivoting to other markets, including the European Union, Southeast Asia, and Africa.
00:59For more unbiased updates, download the Straight Hour News app or go to san.com.
Be the first to comment