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China’s cereal buying doesn’t offset EU liquor tariffs as U.S. trade falls

Ags - Fruit/Veg 105 Ags - Grains/Beans 234 Ags - Meat/Dairy 185 China 2473 Cons. Discr. - Autos 901 Consumer Staples 572 Coronavirus 339 European Union 606 Tariffs 1590 Trade Balance 838 Trade Deals 866 U.S. 4376

U.S. merchandise trade activity fell by 19.8% year over year in June, representing the 15th straight decline. While better than the 27.4% drop in May it’s hardly emblematic of a recovery from COVID-19 with exports down by 23.9% and imports cut by 17.2% in June. The reduced rate of decline was in part due to the autos sector where exports fell by 38.4% in June compared to a 70.0% slump in May. Exports of food and beverages actually saw an accelerated rate of decline with a 10.3% slide in June. Support from Chinese purchasing of food resulting from the phase 1 trade deal can be seen in a 5...

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