A reminder: China's trade surplus (in manufactures) is up this year thanks to a big fall in imports (absolutely, and relatively to exports).
It is a different kind of China shock, one from falling imports not rising exports. But still a drag on global growth.
It is a different kind of China shock, one from falling imports not rising exports. But still a drag on global growth.
There are important differences in the composition of US and global exports (US doesn't export as many chips as East Asia). But it is still remarkable that China's imports of manufactures from the world fell by about as much as China's imports of U.S. manufactures.
