China's exports rose higher than expected 8% in April as new US tariffs took effect
Beijing (AP): China's exports rose 8.1% in April from the year before, the government said Friday, faster than economists were expecting, though exports to the United States sank more than 20%.
Economists had forecast that China's global exports would grow about 2% in April, down from a whopping 12.4% year-on-year increase in March. Imports fell 0.2% in April from the year before.
The data were released a day before US Treasury Secretary Scott Bessent and other top US officials were due to meet with Beijing's lead trade envoy, He Lifeng. The plans for talks in Geneva, Switzerland, could bring a shift in the stalemate over President Donald Trump's hikes in tariffs on Chinese good to as much as 145%.
But the world's two biggest economies are at odds over a raft of issues, including colliding strategic interests that will likely impede progress in the talks.
Some of the punitive tariffs, including Beijing's retaliatory 125% tariffs on U.S. exports, could be rolled back, but a full reversal is unlikely, Zichun Huang of Capital Economics said in a report.
“This means China's exports to the U.S. are set for further declines over the coming months, not all of which will be offset by increased trade with other countries. We still expect export growth to turn negative later this year,” Huang said.
China's politically sensitive trade surplus with the United States was nearly $20.5 billion in April, down from about $27.2 billion a year earlier. In the first four months of the year, China's exports to the United States fell 2.5% from a year earlier, while imports from the U.S. fell 4.7%.
Preliminary data also show that U.S. imports from other countries not subject to US President Donald Trump's 145% tariff on Chinese products have been rising quickly.
Exports to the United States form just a part of China's trade, and exports to the rest of the world have helped offset that weakness. Exports to Southeast Asian countries were up 11.5% from a year earlier in the first four months of this year. Exports to Latin America also climbed 11.5%. Shipments to India jumped nearly 16% by value, and exports to Africa surged 15%.
Some of the fastest growth was in Asia, reflecting moves by Chinese and other manufacturers to diversify their supply chains outside of the Chinese mainland.
Exports to Vietnam jumped 18% year-on-year, while exports to Thailand were up 20%.
Measured on a monthly basis, China's total exports rose just 0.6% in April, while imports increased by nearly 4% from March.
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Epstein Files: CPI(M) demands Hardeep Singh Puri's removal from Union cabinet
New Delhi (PTI): The Communist Party of India (Marxist) on Friday slammed the government for not taking action against the Indians named in the Epstein Files and demanded the removal of Minister Hardeep Singh Puri from the Union cabinet.
In a statement, the CPI(M) also slammed the government for not allowing discussion on the Epstein Files in Parliament.
The party's general secretary M A Baby accused Puri, the Minister of Petroleum and Natural Gas, of "lying" in his press conference.
"Despite clear evidence of Hardeep Singh Puri's involvement in Epstein Files, the Union government is not allowing a discussion in Parliament," Baby said on X.
"The minister has even lied in his own press conference. He has brought disgrace to our nation. PM Narendra Modi should sack him right away!" Baby said.
The CPI(M), in its statement, said extremely "repulsive and abhorrent" content of the Epstein Files is unravelling daily and "despite the attempts of the US Department of Justice and the Trump Administration at a grand cover-up, the facts are coming out".
The Left party said there is "no iota of doubt" about the aggressive criminal nature and impunity of the network involving the power elite comprising politicians, financial overlords, tech giants and celebrities, who were part of this "criminal network of which Epstein was the chief facilitator".
Several countries are initiating concrete legal and punitive actions, the party said, citing the example of Prince Andrew being stripped of his titles and arrested in the UK.
"Several others have been forced to resign from their positions in their respective nations," it said, adding that despite clear evidence of the involvement of Puri and industrialist Anil Ambani, there was no attempt by the Union government to force an explanation and ensure accountability.
"In the face of available evidence, Hardeep Singh Puri has been caught lying in his own press conference. Yet, instead of being sacked, he is being protected by all devious means," it said.
The CPI(M) Polit Bureau categorically demanded that the Prime Minister remove Puri from the Union cabinet to "redeem national embarrassment and shame".
The Epstein Files are thousands of pages of documents related to two criminal investigations into sex trafficking by financier Jeffrey Epstein and his accomplice Ghislaine Maxwell, including travel logs, recordings and emails that have been a topic of conversation since Epstein died in custody in 2019.
Puri has figured in the publicly released documents, with references largely linked to his earlier diplomatic tenure and association with the International Peace Institute in New York.
The Union petroleum minister has stated that his interaction with Epstein was limited to a few professional meetings and email exchanges in the context of multilateral and institutional work. He said he had met Epstein on a "few occasions" but his interactions had nothing to do with the crimes the convicted sex offender was involved in.
