CX Briefing: Plunging Shipments to U.S. Dent China’s Export Growth

A rundown of the news making headlines in and around China:

Finance and economics

Export slowdown: China’s export growth slowed in May despite the tariff truce with the U.S. Chinese goods exports grew 4.8% year-on-year in dollar terms, slowing from April’s gain of 8.1%. Total exports got dragged down by shipments to the U.S., which plunged 34.6% year-on-year in May. China and the U.S. announced an agreement on May 12 to suspend or remove most of the additional tariffs that they had imposed on each other. The deal reduced additional U.S. tariffs on all Chinese goods from 145% to 30%, and paved the way for future trade talks.