The growth of Chinese exports due to the increase in tariffs by President Donald Trump and the expectations of the “Trade War” slowed down in the first two months of this year.
According to the Chief Customs Directorate of China, export in January-February 2025 increased by 2.3 percent compared to the same period last year, reaching $ 539.94 billion, lagging behind growth dynamics in the last quarter of last year.
In October 2024, the country’s export increased by 12.7 percent in annual calculus, reaching the highest indicator over the past 27 months, in November 2024 it increased by 6.7 percent, and in December 2024 – by 10.7 percent.
Export growth in the last quarter of last year was due to the fact that Chinese manufacturers made a large amount of preliminary shipments in anticipation of Trump’s victory in the US presidential election and raising tariffs under his presidency.
Trump’s inauguration in the new year and the first increase in tariffs influenced the export of China. In December 2024, China’s exports to the United States grew by 15.6 percent in annual terms, and in the first 2 months of 2025 – by 2.3 percent.
China’s imports in the first 2 months decreased by 8.4 percent in annual calculus and amounted to 369.43 billion dollars. This is the most sharp drop in imports since July 2023.
The positive balance of the country’s foreign trade in the first 2 months amounted to $ 170.5 billion.
– raising tariffs Trump
US President Trump with his decree signed on February 1, introduced 10 percent tariffs for imports from China. This tariff entered into force on February 4.
March 4, Trump raised customs duties against China from 10 to 20 percent, making changes to the previous decree.
The Beijing Administration responded to raising Trump tariffs with additional customs duties for some goods imported from the USA and sanctions against American companies.
During his election campaign, Trump said that he could increase tariffs for goods exported from China to 60 percent.