China’s exports slowed in August, rising just 4.4% in dollar terms from a year earlier, the weakest pace since February and below the 5% economists had forecast. Imports inched up 1.3%, well short of expectations for 3% growth, reflecting sluggish domestic demand and a property market still under pressure.The sharpest blow came from the U.S., where exports tumbled 33% year on year. Imports from America fell 16%, extending a broader contraction in bilateral trade. So far in 2024, China’s exports to the U.S. are down 15.5%, while imports have slipped 11%. Yet the U.S. remains China’s largest single-country trading partner, absorbing $283 billion worth of goods this year through August.China is increasingly relying on alternative markets. Exports to the EU, ASEAN, Africa and Latin America surged 7.7%, 14.6%, 24.6% and nearly 6% respectively. Shipments to ASEAN alone rose 22.5% in August, highlighting Beijing’s efforts to diversify away from U.S. exposure.What Does This Mean for Me?Trade tensions remain unresolved. The tariff truce extended in August keeps U.S. duties at roughly 55% and Chinese tariffs at 30%, but negotiations have made little progress. Washington has imposed a 40% levy on rerouted goods, tightening scrutiny of transshipments that Chinese exporters have used to bypass tariffs. Meanwhile, rare earth exports jumped 22.6% to 5,792 tons in August, drawing renewed U.S. attention.