China is out of the top trading partner’s list of the USA
According to the latest buzz, after releasing a result of ongoing trade war, the second biggest economy of the world, China is no longer USA’s top trading partner. Reportedly, it has been replaced by the United States of America’s neighbours Mexico and Canada.
Based on the news released by the Wall Street Journal, in the 1st half of the year, Mexico is said to be the top trading partner of the United States of America that followed by Canada, reported as per the latest official’s data. As a result of ongoing trade conflict between the two biggest economies of the world, China and the United States of America, imports products from China to the USA decreased by almost twelve percent and on the other hand, USA’s export to China dropped by 19 %, as per the daily report.
After coming to the power, the United States of America president, Donald Trump has largely imposed around 25 % import tariffs on the products of China which was worth of $250 billion.
As per the recent news, the American president Mr. Donald Trump also imposed another 10% of tariffs on Chinese products which is worth of $300 billion which will come into consideration from 1st of September 2019.
It is also reported that USA’s president has stated that the China has been unfair to the United States. And, he also said that the Chinese country has also taken various retaliatory steps. On the basis of the Commerce Department report, the bilateral goods total value was exchanged with China decreased by 14 % in the 1st half of the year to around $271.04 billion, said by the Wall Street Journal.
It’s also told that, “While holding the first place among the trading partners of the America from the year 2015 to 2018, the China is now spots at number 3 and its lesser than Mexico for the very first time since the year 2005.”