By David RitterBloomberg| November 23, 2017 12:12:01The U.A.E., which was once the cradle of the global economy, has been hit by the sharp drop in world trade since President Donald Trump took office, with Chinese imports plummeting at a faster rate than imports from other major economies.
The U, the world leader in renewable energy, is the only major economy to report no significant change in its trade surplus with the U., the U, which has a large manufacturing base, said David Shultz, an economist with the Peterson Institute for International Economics in Washington.
That shift has hit China the hardest.
China imports more than 80 percent of the solar panels used in the U and wind turbines used in Europe.
Its coal exports have dropped by 40 percent since the end of 2016.
Its factories are shutting down, leaving workers unemployed.
And its stock market has plunged as investors worry that China’s slowdown will weaken its ability to raise funds in a global currency market that has seen its value fall by about 30 percent.
The Chinese stock market fell as much as 11 percent on Tuesday and has fallen again since then.
The Chinese government has responded to the trade slump by introducing a new set of rules for firms that want to sell their products overseas.
It requires a higher share of profit to be made domestically in China, and is cracking down on non-Chinese companies that do business with the country.
The government has also cut subsidies for many Chinese companies that don’t have enough foreign workers.
China also has restricted foreign investment in the construction sector.
China’s trade surplus is down more than 30 percent this year to $45 billion from a high of $80 billion a year earlier, according to the U-M’s Mercatus Center, a think tank.
China’s trade deficit with the rest of the world fell to $40 billion last year, down from $63 billion a decade ago.
China has long been the world economic leader, but it has been the only country to report net trade losses since Trump’s election.
The trade deficit has widened since then, with the trade surplus rising by an average of $15 billion a day.
That has prompted U.K.-based economists to call for tighter controls.
In a speech last week, Chinese President Xi Jinping said China should become more open to global competition.
China is currently the world largest buyer of Chinese imports, accounting for about 60 percent of total trade.