One would think that the worldwide “stop the world” moment would have totally collapsed China trade. It hasn’t.
The world still needs China, and still relies on China.
Their trade balance for the month of May hit a record hit $62.9 billion, but that is mainly because China companies were importing less, down 16.7% to be exact, based on Chinese trade figures released on Sunday.
Exports declined by just 3.3% annualized for a total of $206.8 billion. This could have been so much worse.
Despite the trade war and the higher prices American firms are now paying for many Chinese goods, the surplus with the U.S. stood at $27.9 billion in May, which is greater than the $22.8 billion in April.
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