International News Chins
International News Chins
International News Chins
WASHINGTON: As a result of their ongoing trade tussle, China is no longer the top trading partner
of the United States and has been replaced by America's neighbours Mexico and Canada, according to
a media report.In the first half of the year, Mexico was the top trading partner of the United States
followed by Canada, the latest official data reveals, according to The Wall Street Journal.
As a result of the ongoing trade war between the US and China, imports from China to the US
dropped by 12 per cent and America's export to China fell by 19 per cent, the daily said.Simmering
US-China trade tensions are going to nudge many global jewellery majors to shift their manufacturing
base to India from China, according to the chief executive officer of a top diamond financier. After
coming to power, Trump has imposed 25 per cent import tariff on Chinese products worth $250
billion. Another 10 per cent tariff on products worth $300 billion will come into effect on September
1.Trump has so far maintained that China has been unfair to the US. China has also taken several
retaliatory steps.According to a commerce department report, the total value of bilateral goods
exchanged with China fell 14 per cent in the first half of the year to $271.04 billion, The Wall Street
Journal said.India’s share of world exports rose to 1.71% in the first quarter of 2019 from 1.58% in
the fourth quarter of 2017, as per data. However, the share of every other economy among Asia’s 10
biggest exporting nations fell in the same period. Part of the reason for India’s outperformance is that
it is not as integrated into global manufacturing supply chains as peers."After holding the top spot
among US trading partners from 2015 to 2018, China now sits at No. 3 and now smaller than Mexico
for the first time since 2005," it said.