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Trump slapped 145% tariffs on China, thinking it would hurt them more then it would hurt the US. Of course, trade is global, and so China’s exports surged in April as a result of a jump in shipments to Southeast Asia, offsetting the drop in outbound goods to the U.S.
“China’s exports to the Association of Southeast Asian Nations surged 20.8% in April from a year earlier, accelerating from a 11.6% growth in March. While Vietnam and Malaysia remained the main destinations for Chinese exports to the region, Indonesia and Thailand saw shipments from China grow 37% and 28% year on year, respectively.
“Meanwhile, China’s exports to the European Union rose 8.3%, while imports fell 16.5% year on year. Exports had risen by 10.3%, while imports had dropped 7.5% in March.”
Now Trump is backing down to 80% tariffs on China, hoping that it will be enough to bring them to the table so Trump can pretend he bested Xi in the tariff wars. What a loser.
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