‘A vital role': CTV raises funds for youth programming after facing closure

Exports rose in May in U S dollar terms from a year earlier Chinese exports to the U S plunged from a year ago while imports dropped over Imports plunged in May from a year earlier way more than estimates of a drop China s exports development missed expectations in May dragged down by a sharp decline in shipments to the U S with analysts saying effects of a Beijing-Washington arrangement truce will be visible in June material Chinese exports to the U S plunged from a year ago marking the sharpest drop since February according to Wind Information when the Covid- pandemic disrupted deal Imports from the U S dropped over and China s exchange surplus with America shrank by year on year to billion Overall exports rose last month in U S dollar terms from a year earlier customs statistics manifested Monday shy of Reuters poll estimates of a jump Imports plunged in May from a year earlier a drastic drop compared to economists expectations of a fall Imports had been declining this year largely owed to sluggish domestic demand That was largely offset by its shipment to the Southeast Asian bloc which jumped nearly from a year and those to European Union countries and Africa which rose and over respectively China s total commerce surplus increased from a year earlier to billion in May Still exports expansion in May slowed significantly from an surge in April when a jump in shipment to Southeast Asian countries offset a sharp drop in outbound goods to the U S Chinese shipment to the U S plunged over in April as prohibitive tariffs kicked in The prohibitive tariffs were only lifted in mid-May the damage was already done reported Tianchen Xu senior economist at Economist Intelligence Unit China s exports of rare earths dropped from a year ago to tons customs details revealed as Beijing tightened export controls of the critical minerals to gain leverage during its pact negotiation with the Trump administration Volumes of cars and ship exports jumped by and around respectively from a year ago while exports of smartphones and home appliances fell around and respectively China s imports of soybeans surged year on year to a record high of million metric tons according to Wind Information High-stakes agreement talks Xu expects U S -bound exports to see particular recovery in June It will be the first full month for Chinese exporters to enjoy reduced U S tariffs Xu mentioned adding that rare earths and electric machinery shipments would rebound following Beijing s move to ease supervision on these exports U S President Donald Trump s prohibitive tariffs on Chinese goods took effect in April prompting Beijing to retaliate with triple-digit duties and other restrictive measures such as export controls on critical minerals U S and China struck a preliminary deal in Geneva Switzerland last month that led both sides to drop a majority of tariffs Washington s levies on Chinese goods now stand at while Beijing s duties on American imports are at according to think tank Peterson Institute for International Economics Zichun Huang China economist at Capital Economics pointed to early signs of U S demand for Chinese goods picking up following the Geneva truce While noting that it took time for the recovering demand to feed through to actual shipments Huang cautioned that the existing tariffs are unlikely to be reduced further if not hiked again and will lead to slower export upsurge by year-end Chinese Vice Premier and lead agreement representative He Lifeng is expected to meet with the U S bargain negotiation organization led by Treasury Secretary Scott Bessent in London later in the day for renewed arrangement talks The second-round of meetings come after tensions flared up again between the two sides as they accused each other of violating the Geneva agreement agreement Washington had blamed Beijing for slow-walking its pledge to approve the export of additional critical minerals to the U S while China criticized the U S decision to impose new restrictions on Chinese learner visas and additional export restrictions on chips China s Ministry of Commerce stated on Saturday that it would continue to review and approve applications for export of rare earths citing growing demand for the minerals in robotics and new ability carriage sectors CNBC s Evelyn Cheng contributed to this story