By gobbling up Chinese exports, the US becomes dependent – Community News
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By gobbling up Chinese exports, the US becomes dependent

Chinese exports rose 28% in September from a year earlier, ahead of analyst consensus forecast. More importantly, China’s exports to the United States have increased by 31% since January 2018, when President Trump imposed tariffs on a wide range of US imports from China. On an annual basis, the US buys $635 billion worth of Chinese goods, which corresponds to a staggering 27% of the gross domestic product of American production.

That’s the kind of import dependency economists associate with third world countries that depend on former colonial powers. US exports to China in the past 12 months have been only 30% of Chinese exports to the US.

During the same period, Chinese exports to South Korea increased by 50%, to Taiwan by 60% and to Germany by 61%, but China imports almost as much from these three countries.

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Rakesh

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