Monthly two-way trade, which tumbled to $19 billion in February of last year amid shutdowns in Chinese factories, rebounded over the past year tos, according to official Chinese data. And that boom looks set to continue, with China purchasing millions of tons of U.S. farm goods for this year and next and stuck-at-home U.S.
Exports from South Korea and Taiwan to the U.S. have also risen over the same period, underscoring the strength of U.S. demand despite one of the worst outbreaks of Covid-19 of any nation.of the $259 billion in cargo moving in and out of Los Angeles port — the U.S.’s biggest — involves China and Hong Kong. U.S. demand for goods continues unabated, with record inbound shipments to the port in May as companies start to restock ahead of the Christmas shopping season.
“All signs point to a robust second half of the year,” Los Angeles port Executive Director Gene Seroka said during a recent press briefing, noting that fall fashion, back-to-school, Halloween and holiday goods were already arriving on the docks. With tariffs in place on more than $300 billion in imports from China, from footwear and clothing to electronics and bicycles and even pet food, many U.S. retailers are choosing to absorb the cost and squeezing their profit margins, the NRF’s Gold said. Some are passing these along to consumers.
The Biden administration hasn’t said whether it plans to continue with the deal and is reviewing U.S. policy toward China, but with U.S. Trade Representative Katherine Tai
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