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China-US trade war and impact on ASEAN
Trump’s policy on products from China will certainly have an impact on its partner countries, especially ASEAN.
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Beijing is hiking up tariffs on more than 100 US imports, including fruit and pork, as part of a tit-for-tat response to US President Donald Trump’s $60 billion package of tariffs imposed against China. (Reuters/Aly Song)
T
he facts show that external trade has been the largest contributor to China’s economic growth. Market-oriented economic reforms have brought about expansion in trade and changes to its commodity structure. Both exports and imports shifted from agriculture to industrial products.
The rapid increase in China’s export sector since the reform has been essentially in the area of labor-intensive exports as the manufacturing sector takes advantage of China’s cheap labor. Dominating imports are machinery, technology, as well as materials necessary for the manufacturing of exports. With increasing economic prosperity, the demand for consumer goods imports are also on the rise.
Total goods and service trade between the United States and China reached an estimated US$648.5 billion in 2016. The United States’ goods and service exports amounted to $169.8 billion, while its imports totaled $478.8 billion, resulting in a goods and services trade deficit of $385 billion during the year.
China is the US’ largest goods trading partner with $578.2 billion in total (two-way) goods trade in 2016. Goods exported totaled $115.6 billion, while goods imported totaled $462.6 billion. The US’ goods trade deficit with China stood at $347.0 billion in 2016.
