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US Trade with China at its Fastest Rate amid Tensions and Covid Impacts

July 22, 2021 by Forex Winner Leave a Comment

US Trade with China at its Fastest Rate amid Tensions and Covid Impacts

Source: Bloomberg

US-China trade in goods is now at the fastest rate in years, defying long standing tariff wars and Covid-19 pandemic impacts.

USDCNY is down -0.03%

China's quarterly trade surplus with US
  • On a monthly basis, two-way trade between the two countries fell to $19 billion in February 2020, but has rebounded to new records in the past year.
  • Currently, about half of the $259 billion goods from the US’s largest port, Los Angeles, involves Hong Kong and China.
  • US Firms are still bearing with higher shipping costs, backlogs, and bottlenecks due to tariffs imposed on at least $300 billion worth of Chinese imports.
  • The boom in trade is expected to continue, with Beijing continuing to purchase millions of tons of farm goods from the US this year, while stuck-home US consumers import record items from China.
  • US imports from South Korea and Taiwan have also surged to underscore robust demand amid the devastations caused by Covid-19.

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Filed Under: Forex News Tagged With: China, COVID-19, US, USDCNY

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