The yearslong trade war between China and the United States was amplified in February 2025 when President Donald Trump imposed tariffs on the Asian nation, Canada and Mexico on February 1. Since then, the two international locations have been entangled in a chaotic relationship, with tit-for-tat tariffs at occasions reaching triple-digit ranges.
But after Trump and Chinese chief Xi Jinping met in South Korea final Thursday to debate trade and different points, Trump agreed to decrease tariffs on Chinese items by 10% in trade for guarantees that Beijing will crack down on the circulation of fentanyl into the US. The efficient tariff charge will nonetheless stand at round 47% for Chinese items getting into the US.
But how is China doing since Trump began his second time period as president and tariffs have been levied worldwide? Here’s what the data says.
Even earlier than Trump’s second time period, China’s exports to the US had been declining. That’s accelerated much more over the previous few months.
In September, exports to the US totaled $34.3 billion, in contrast with $47 billion in the similar month final 12 months – down 27%.
But regardless of this steep decline in trade with the US, Chinese exports are up 6.1% this 12 months, with September data displaying an 8.3% enhance in contrast with a 12 months earlier, as exports to different areas surged.
China just isn’t solely diversifying its exports however can also be importing extra merchandise from different international locations because it seems to be to options to American items.
Soybeans and beef: What’s subsequent in the China-US trade talks
Soybeans, a key commodity for each China and the US, had been an enormous a part of trade negotiations.
Although Chinese imports of American soybeans have been declining persistently in the previous few months, for the first time in years, China didn’t import any soybeans from the US in September. Instead, China has turned to Brazil and Argentina, the place soybean shipments to China proceed to develop. In September, the Argentinian authorities briefly suspended its soybean export tax, prompting the Chinese authorities to purchase about 1.2 million metric tons from the South American nation.
Chicago soybean futures, which monitor world soybean costs, rose earlier this week forward of talks between Xi and Trump. After the assembly between the two leaders, China agreed to purchase 12 million metric tons of soybeans this season and dedicated to purchasing 25 million metric tons yearly for the subsequent three years, Treasury Secretary Scott Bessent stated final Thursday.
Meanwhile, China, the third-biggest purchaser of American beef, has been buying a lot much less of the commodity in current months. From January to July of this 12 months, the nation bought $481 million value of American beef, accounting for 8% of US beef exports, in response to data from the US Department of Agriculture. That’s a 47% decline in contrast with the similar interval final 12 months, when Chinese purchases of American beef accounted for 15% of total beef exports.
As is the case with soybeans, China has stuffed the void by growing purchases from different international locations, particularly Australia and Argentina, after China didn’t renew beef contracts with the US earlier this 12 months.
Chinese imports of American beef have continued to drop. Last month the nation bought $11 million value of American beef, a 90% decline in contrast with September of final 12 months, when it bought $110 million value of American beef, in response to data printed by China’s General Administration of Customs.