China’s purchases of the US goods slowed in April, showing signs of dwindling Chinese commitment to the phase one trade deal agreed with the US, Bloomberg reports, analyzing the official Chinese data.
Key takeaways
“China bought $10.4 billion worth of manufactured, agricultural and energy goods in April, taking the total in the 16 months since the trade deal was signed in January 2020 to $147 billion.”
“That progress was the slowest pace this year and reached 38.9% of the two-year target of $378 billion, compared to March’s 36.1%.”
Market reaction
The US-China trade update seemingly adds to the cautious market mood, as AUD/USD trades pressured towards 0.7700. However, the S&P 500 futures, shrug off the news, rising 0.44% on the day.