Chinese exports to the United States decreased by 35% in May, according to customs data.

This report comes as China and the U.S. are meeting for trade talks in London on Monday. Last month, China was the outlier among foreign countries facing tariffs with an initial 145% tariff. It has since been reduced to 30% in a temporary trade deal set to last until August 12. In return, China decreased its own tariffs on American goods from 125% to 10%.

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China exported $44 billion worth of goods to the U.S. in May 2024. This May, there was $28.8 billion in exports. Imports from the U.S. in May were over $10 billion, which was also a decrease.

As a result, China’s total exports decreased after an 8.1% year-over-year growth reported in April. May saw total exports increase by 4.8%. Imports declined by 3.4%. China’s trade surplus last month was $103.2 billion.

Meanwhile, the Chinese Communist Party reported that the consumer price index fell 0.1%, which can be an indicator of less demand. The producer price deflation also declined 3.3%, which was the greatest decline in two years.

CHINA’S TECH INVASION IS A NATIONAL EMERGENCY

President Donald Trump had his first phone call with Chinese President Xi Jinping last week. According to Trump, the roughly 90-minute phone call “resulted in a very positive conclusion for both Countries.”

Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer will be the ones to meet with Chinese officials Monday.