China exports plummet as US firms turn away from rival

News Snapshot:

China’s exports plummeted to their lowest level since the beginning of the pandemic as Western demand tails off, battering the world’s second-largest economy. Chinese shipments fell by 14.5% in July compared to the same month last year and imports dropped by 12.4% as the ruling Communist Party struggles to dig out of its post-COVID funk, according to data released by Beijing on Tuesday. The sagging figures dovetail with US Commerce Department data which show that American imports from China fell by 25% during the first half of this year. US-based companies are increasingly shunning China as the Biden administration and...