Thursday, October 14, 2021
China’s exports rose 28% in September from the year-earlier level, more than the analyst consensus had forecast. More important is that China’s exports to the United States have risen by 31% since January 2018, when President Trump imposed tariffs on a wide range of US imports from China. At a seasonally adjusted annual rate, the US is buying $635 billion of Chinese goods, equal to a staggering 27% of US manufacturing Gross Domestic Product.
That’s the sort of import dependency economists associate with Third World countries dependent on former colonial powers. US exports to China during the past 12 months were only 30% of China’s exports to the US.