(Photo: asiatimes.com)

More soybeans, anyone?

(Photo: asiatimes.com)

Both the United States and China have been adversely affected by the trade war which has just hit a pause.

Soybean exports to China have dropped US$5.6 billion in the past 16 months.

 About six per cent of US exports go to China while about 18 per cent of US imports come from there.

The two countries announced a “Phase 1” agreement Friday under which the US will reduce tariffs and China will buy more US farm products.

In itemising the impact of the war to date, Forbes.com quotes data which shows that soybean exports to China have fallen US$5.6 billion since August of 2018, when overall US exports to China first fell on a monthly basis due to the trade war.

Imports from China fell 11 of the past 12 months as the trade war raged.

The news site notes that overall exports to China have fallen every month since. Cell phone imports are down US$13.25 billion since last November, the first month that overall Chinese imports into the United States went negative. Imports from China have fallen 11 of the last 12 months.

Computer imports are off US$5.72 billion, crude oil exports to China are down US$4.87 billion. Video game consoles imports are down US$1.53 billion, motor vehicle part exports are down US$2.46 billion.

Crude oil exports to China are down US$4.87 billion. (Photo: asiatimes.com)

All told, US exports to China and US imports from China are down US$84 billion in the two, similar periods since trade first felt the effects of the trade war — since August for exports and November for imports.

The bottom line is a reduction of US$30 billion for exports, US$54 billion for imports.

China’s president Xi Jinping with US president Donald Trump. (File Photo) The US and China signed a “phase 1” trade deal last Friday.

Forbes concludes that China has lost more as US imports from China fell at the fastest rate since the onset of the trade war.

The announcement of progress in the trade war came two days before the deadline for the United States adding tariffs on the remaining US$150 billion in US imports from China, which President Trump had threatened.

The agreement has not yet been signed, with the Chinese also noting that they will buy more agricultural products according to market demand.