When it comes to China, the county so far hasn’t agreed to the terms of the trade deal with the USA. However, since the trade wars side effects are now visible to everyone, China’s exports have started to decline. Recent reports of China’s exports show that the county’s exports have gone down by 1.1 percent for November. This decline is the result of trade restrictions and tariffs imposed by the Trump government. China’s significant sectors, like manufacturing, retail, tech, etc. are facing a huge burden.
Major industries haven’t performed well for the last one year because of trade restrictions, and that’s why experts think China requires trade deal more than anyone. So far, both countries’ officials met for more than two times, but nothing good has come out of it. This report shows that Chinese retailers who send goods to the USA haven’t are suffering the most. Exports to the USA have declined by more than 23% during this year.
The trade deal hasn’t signed by Chinese officials, which has made Trump more furious because of which he is making decisions about putting more tariffs. The last eighteen months haven’t been good for both countries since there is a continuous attack of tariffs from both sides. There’s currently a weak global demand because of which exports have declined overall. China’s major trading partners are already suffering a considerable amount of losses, and need from them also declined. Major trading partners of China include the USA, Japan, and the EU, which are not willing to make any trade either suffering from the global recession. China is known for producing a vast amount of goods at a cheap rate, but since the exports have declined, manufacturers are suffering the most. Now experts think the trade deal is the only option left for China, which will get them out of this mess.