A previous economic slowdown in China started showing up in the shipping data six months before other people noticed, said Gerry Wang, the co-founder and former CEO of Seaspan (SSW), the world's largest container shipowner. Data from shipping companies has revealed that between April and June of 2018, US imports of Chinese products grew by 10% YoY as companies rushed to beat the $34bn worth of sanctions on Chinese goods. After the tariffs came into effect in July, however, imports of the affected products fell by 21% compared to 2017. Similarly, US imports of Chinese steel and aluminium fell 53% YoY after the US tariff was imposed on those metals in March. The latest data also shows a sharp drop in exports for China since last year.
Data from shipping companies has revealed that between April and June of 2018, US imports of Chinese products grew by 10% YoY as companies rushed to beat the $34bn worth of sanctions on Chinese goods. After the tariffs came into effect in July, however, imports of the affected products fell by 21% compared to 2017. Similarly, US imports of Chinese steel and aluminium fell 53% YoY after the US tariff was imposed on those metals in March. The latest data also shows a sharp drop in exports for China since last year.