China's export growth decrease in May amid Trump's tariff
China's export growth slowed in May due to ongoing uncertainty caused by escalating trade tensions with the US over reciprocal tariffs.
According to data from China's General Administration of Customs released on Monday, exports in May rose 4.8% from the same period last year to $316.1 billion.
The export growth rate fell short of the 8.1% increase in April, as the uncertainty caused by the mutual tariff increases between China and the US continued to be felt.
During this period, the country's imports decreased by 3.4% year-on-year to $212.9 billion, while the trade surplus was calculated at $103.2 billion.
In May, China's exports to the US fell by 34.5%, faster than the 21% drop in April.
China's exports to the Association of Southeast Asian Nations (ASEAN) countries, its largest trading partner, increased by 14.8%, falling short of the 20.8% increase in April.
The country's exports increased by 2.3% in January and February but rose by 12.4% in March due to advance shipments made in anticipation of further increases in US customs tariffs.
China's exports rose 8.1% in April, showing resilience to external shocks despite escalating tensions over reciprocal tariff increases.
Tariff negotiations continue in London
US and Chinese officials will meet in London, the UK's capital, for a new round of negotiations aimed at resolving trade tensions.
The US side will be represented by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer, while the Chinese side will be represented by Deputy Prime Minister Hi Lifing, who is responsible for economic relations.
On April 2, US President Donald Trump announced additional customs duties on trading partners, including China.
China responded in kind, and the tariff dispute that ensued between the two countries ultimately led the US to raise its customs duties on China to 145%, while China imposed 125% customs duties on the US.
Following the escalating trade tensions, US and Chinese officials met in Geneva, Switzerland, on May 10-11 for tariff negotiations and agreed to reduce mutual tariffs for 90 days.
After the meeting, it was agreed that, as of May 14, the US would reduce its customs duties on Chinese goods from 145% to 30% for 90 days, and China would reduce its duties on US goods from 125% to 10%.
In a statement on May 30, US President Trump accused China of violating most of the agreement reached in Geneva, saying he would discuss the issue with Chinese President Xi Jinping and hoped it would be resolved.
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