China June soybean imports fall on trade war, deadly pig disease

Donald Trump

Beijing's retaliatory tariffs past year on imports of agricultural goods have slammed many farmers - a key Trump constituency - forcing bankruptcies and a slowdown in farm lending as many operations struggle and fall deeper into debt.

When it comes to Chinese purchases of USA agricultural goods, signs are growing that President Donald Trump won't get what he wants anytime soon.

China's exports likely fell in June as weakening global demand and a sharp hike in USA tariffs took a heavier toll on the world's largest trading nation, a Reuters poll showed.

China's global exports sank 1.3 percent to $212.8 billion while imports fell 7.3 percent to $161.9 billion. Altogether the two giants have slapped each other with punitive tariffs covering more than $360 billion in two-way trade, damaging manufacturers on both sides of the Pacific. Beijing's manufacturing activity also contracted last month.

Trump met his counterpart Xi on the sidelines of the G20 summit in Japan in June and agreed to revive negotiations, but a trade agreement looks increasingly distant.

'Several dead' in Somalia hotel attack
Al-Shabab frequently carries out bombings in Mogadishu and other parts of Somalia against government, military and civilian targets.

A steady performance of the domestic economy could provide Beijing with fresh confidence to take a harder stance in talks with Washington, as it would indicate the U.S. tariffs and the acceleration of the relocation of manufacturing from China to Southeast Asian countries has not derailed growth. China's total exports ticked up 0.1 percent on-year during the first six months while imports fell 4.3 percent.

Imports fell 7.3 percent, a sharper drop than the 4.5 percent forecast by analysts and following a 8.5 percent contraction in May, suggesting domestic demand remains tepid despite a flurry of growth boosting measures since a year ago. Purchases from the United States have collapsed, with imports in January-June shrinking to $58.9 billion from $84 billion past year - a roughly 30 percent drop in purchases which has hit American farmers particularly hard. It rose to $29.9 billion in June, from $26.9 billion in May.

"Macroeconomic indicators of growth, employment and consumer prices are all in normal ranges", said Liu, the top economic aide to President Xi Jinping and China's top negotiator in trade talks with the Trump administration, according to the official state-run Xinhua News Agency. During the first half of the year, it expanded to $140.5 billion from $133.8 billion last year.

But data released on Thursday (July 11) by the US Department of Agriculture indicate that China actually slowed its purchases of American agriculture products following the G-20 meeting.

Related News:



Most liked

Dwight Gooden arrested, charged with cocaine possession, report says
Police pulled him over on June 7 for erratic driving and having tinted windows that were too dark, the New York Post reports. Gooden is now 54-years-old, and he was first sent to a rehabilitation facility in 1987 for cocaine possession.

Serena Williams closes in on record Wimbledon crown
So was her body language, including when Halep looked up at her coach, yelled and extended an arm in the first set's final game. There are, of course, many reasons why Serena Williams has been as successful as she's been, for as long as she's been.

World Cup, Wimbledon Finals Clash With British GP, Leave Lewis Hamilton Baffled
It was announced on Wednesday that the British Grand Prix will remain at Silverstone for at least the next five years. This has been a strong track for us in the past so hopefully this weekend it'll be a sweet spot for us".

Patrick Stewart Has A New Dog In Star Trek: Picard's New Poster!
Even though not explicitly mentioned, this might also be the place we get to learn more about the Section 31 series. Picard and his dog are on what appears to be a hill above the Picard vineyard.

Daniel Sturridge’s Lucci strike! Star and dog reunited after £30k appeal
Sturridge, 29, offered a £30,000 reward for the return of the Pomeranian, which he said was stolen during a break-in at his house in Los Angeles.

Japan’s Hayabusa2 Probe Made A "Perfect" Touchdown On Primitive Asteroid
JAXA said that the Hayabusa 2 will be the first aircraft to bring back particles from below the surface of an asteroid. The photograph captured four seconds after touchdown shows debris from the asteroid's surface being flung into space.

Samsung’s Galaxy Note 10 will be a productivity beast, suggests new teaser
Samsung also took a dig at the iPhone while suggesting that the Galaxy Note 10 combines multiple devices into one. It was known earlier as the Galaxy Note 10 Plus but we're thinking Samsung simply wants to make things simpler.

Drivers Grab at $175,000 That Fell Off Armored Truck on Atlanta Interstate
WSB Radio reports that the rain of cash prompted a dozen or more drivers to pull over on I-285 near Ashford-Dunwoody Road. Meanwhile, videos circulating on social media show the frenzy caused by the spilled cash.

Setbacks for Trump's drive to lower prescription drug costs
The government had hoped that by eliminating rebates of 15 percent to 30 percent of a drug's listed price, the prices would fall. Healthcare Providers ETF (NYSEArca: IHF ) jumped 3.7% on Thursday, breaking back above its 200-day simple moving average.

Ed Sheeran confirms he is married to Cherry Seaborn
You'd have to hunt the song online to listen (sorry). "Congrats on more unbelievable music!, Love you dude @teddysphotos". The Astroworld rapper appears on the song "Antisocial", for which he has also debuted a cinematic video.

Anthony Davis, LeBron James Jersey Number Change Delayed Due To Production Issues
So we have to learn from last season, because we didn't win a championship. "But I knew he wanted to be closer to home". Ohm Youngmisuk has covered the Giants, Jets and the National Football League since 2006.

I won't complain about Wimbledon crowd - Djokovic
Having won his 12th French Open title last month, he had looked fired-up to win his third Wimbledon crown and first since 2010. Two more service holds put him within a set of victory and the Swiss turned the screw in the fourth set as Nadal faded.

N. Korea vows to respond to South's deployment of F-35 jets
Ortagus said Washington's goal remained the complete elimination of all of North Korea's weapons of mass destruction. There has been no sign of a narrowing of differences since.

Teuns wins Stage 6 of Tour de France, Ciccone takes race lead
The longest stage of this year's race, 230km from Belfort to Chalon-sur-Saône, was eventually won by Jumbo-Visma sprinter Dylan Groenewegen .

US Coast Guard Crew Boards Suspected Drug-Smuggling Submarine in Pacific
The dramatic, one-minute video was recorded by a member of the Coast Guard wearing a helmet camera on June 18 . The Coast Guard, he said say, is tasked with patrolling the area with the equivalent of two police cars.