The Port of Houston in Texas, US. Photo: VCG

China's total trade with the US fell 9.3 percent year-on-year to reach 2.08 trillion yuan ($290.16 billion), in the first half of the year, according to an official from China's General Administration of Customs (GAC) on Monday. The official noted, however, that bilateral trade has shown signs of recovery following positive developments in the Geneva and London economic and trade talks.

In breakdown, exports amounted to 1.55 trillion yuan, down 9.9 percent, while imports totaled 530.35 billion yuan, down 7.7 percent, Wang Lingjin, deputy head of GAC told a press conference.

Wang said that affected by the so-called reciprocal tariffs imposed by the US, China-US trade shifted from year-on-year growth in the first quarter to a decline in the second quarter, with a significant drop of 20.8 percent. However, he stressed that positive progress in the Geneva-London economic and trade talks has led to a recovery in China-US trade.

“In June, the total trade value rebounded to over 350 billion yuan from less than 300 billion yuan in May, with the year-on-year decline significantly narrowing,” according to Wang.

The essence of China-US economic and trade cooperation is mutual benefit and win-win outcomes, the GAC official emphasized, saying that this aligns with the irreversible historical trend of globalization, the objective need for deep integration of industrial chains, and the practical demands for innovation, collaboration, and improved well-being for the people of both nations.

Chinese and US teams are working intensively to implement the outcomes outlined in the London Framework, Wang Lingjun said, responding to questions regarding China-US trade relations and future prospects. 

“We wish to reiterate that the Geneva Consensus and London Framework were hard-won. Coercion and intimidation are dead ends—dialogue and cooperation represent the only viable path forward,” Wang noted.

“We hope the US will continue moving in the same direction as China, ensuring cooperation remains the defining feature of bilateral economic and trade relations, while working to restore fairness and openness in the global trading system and making due contributions to global economic recovery and growth,” Wang added.

Global Times