China let its currency slide past the key seven per U.S. dollar level last month for the first time since the global financial crisis, and Washington la belled it a currency manipulator.
Exports to Europe, South Korea, Australia and ASEAN member states also worsened on an annual basis, compared with July, while shipments to Japan and Taiwan posted slightly better growth than the previous month.
On Sept. 1, Trump imposed 15 percent tariffs on $112 billion worth of Chinese imports, with plans to tax another $160 billion beginning December 15 that would effectively impose penalties on almost everything the US buys from China. China's domestic consumption and investment have stayed weak despite more than a year of growth-boosting measures.More news: Strong typhoon winds lash Tokyo area, causing transport chaos
Aside from that, followed by Sunday's (September 8th) China data which unleashed further upheaval on China's economy which had been scuffling to grapple with a basket of baleful turn of events on its trade dispute with United States, several analysts were pointing towards further weakness in the second-largest economy of the world, while some of them had underscored a more pressing requirement of monetary stimulus to smoothen up the nation's domestic financing amid growing obstacles in the wake of an escalated Sino-US trade dispute.
August's imports of 9.48 million tonnes were up from 8.64 million tonnes in July, and also ahead of 9.15 million tonnes in August a year ago, according to data from the General Administration of Customs.
China's global exports fell 3 percent to $214.8 billion, while imports were up 1.7 percent at $180 billion. Analysts had forecast a surplus of $43bn for August. Beijing hit back with retaliatory levies, and let its yuan currency fall sharply to offset some of the tariff pressure.
China has also lodged a complaint with the World Trade Organization, alleging the new tariffs violate a deal agreed upon by Trump and Chinese President Xi Jinping during June's G-20 summit in Osaka.More news: Green Day, Fall Out Boy and Weezer to hit Hard Rock Stadium
White House economic adviser Larry Kudlow said on Friday the United States wants "near-term" results from U.S.
China's trade surplus with the United States stood at $26.95bn in August, narrowing from July's $27.97bn.
China said on September 5 that new talks with the U.S. would be held in Washington in early October.More news: More than 100 Australian bushfires ‘omen’ of severe summer fire season
"The global economy is approaching the turning point of a recession, and external demand will for sure become worse and worse", Morgan Stanley Huaxin Securities' Zhang said.