US imports are at a five-year low, according to data released today by the US Department of Commerce. But while trade with the vast majority of countries has plunged since March, US imports from China are surging.
What happened? The value of US imports fell to $164 billion in May, the lowest monthly figure in more than five years. Yet imports from China, the US’s largest source of imports for over a decade, actually rose from a 10-year low of $20.7 billion in March to $36.6 billion in May.