Exports from China to the United States dropped 33% to $47.3 billion last month, as President Donald Trump’s tariffs take their toll on trade between the two countries.
China’s imports from the U.S. also dropped 16% to $13.4 billion, according to Beijing’s customs data released Monday.
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Meanwhile, China’s overall exports rose 4.4% to $321.8 billion in August compared to the same month last year. The percentage increase fell short of expectations and marked China’s lowest export growth since February. By contrast, exports jumped 7.2% in July.
Other trade partners with China saw a greater increase. Beijing’s exports rose 10.4% to the European Union, 22.5% to the Association of Southeast Asian Nations, and 26% to Africa last month.
Based on the numbers, China has been slowing its transshipments of goods to the U.S. since Trump imposed 30% additional tariffs on Chinese imports. China dropped its levies to 10%.
A higher tariff rate of 245% would have been implemented if Trump had not extended the deadline for negotiations on Aug. 11. The two nations currently have until Nov. 10 to reach a trade deal.
Since implementing the 90-day pause, Trump has threatened 200% tariffs on China if Beijing does not increase its exports of rare-earth magnets to the U.S.
“They have to give us magnets; if they don’t give us magnets, then we have to charge them 200% tariffs or something,” Trump told reporters after meeting with South Korean President Lee Jae Myung at the White House on Aug. 25.
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China’s exports of rare-earth magnets rose 22.6% in August, the customs data showed.
Although he has been generous toward China regarding reducing tariffs, Trump has kept his hostile rhetoric. Just last week, Trump said Chinese President Xi Jinping was conspiring against the U.S. when Xi was seen with Russian President Vladimir Putin and North Korean leader Kim Jong Un during Beijing’s military parade celebrating the end of World War II.