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Illustration: Lazaro Gamio/Axios

U.S. manufacturers and small businesses have been hit hard by the trade war, but recent data shows that China is really suffering.

Driving the news: China's total exports fell for the 12th straight month in November, dropping 1.1% from a year ago, and exports to the U.S. have fallen more than 20%, according to China’s customs administration.

  • Economists had expected shipments to rise 1%, as retailers and companies stock up for Christmas, per Reuters.

What's happening: The U.S. trade deficit declined 7.6% in October to $47.2 billion, the smallest since May 2018, as both imports and exports of goods fell. It was the second straight month the trade deficit has fallen and the largest drop since January.

  • The goods trade deficit — a key benchmark of the Trump administration — is at its lowest since September 2017.
  • China’s trade surplus fell to $38.73 billion in November, about $8 billion below what it was expected to be.

By the numbers:

  • 27.4% drop in the goods trade deficit in October.
  • 23.1% year-over-year decline of U.S. imports from China.
  • 2.8% year-over-year decline in U.S. exports to China.

What they're saying: "There’s little reason for the Trump administration to back away from tariffs as the pressure on China is working," analysts from S&P Global Market Intelligence note.

But, but, but: The goods trade deficit with the EU increased 20% during the month, with U.S. imports from the EU surging to a record high, so American business owners aren't necessarily reaping the benefits.

  • The Commerce Department also reported that factory orders increased 0.3% in October, but shipments were unchanged and unfilled orders were flat, indicating the recession in the U.S. manufacturing sector could continue for some time, Reuters notes.

Go deeper:

Go deeper

Dion Rabouin, author of Markets
Oct 12, 2020 - Economy & Business

Markets ride the blue wave

Illustration: Eniola Odetunde/Axios

Markets got a shot in the arm from fiscal stimulus expectations last week, but it's not negotiations between House Speaker Nancy Pelosi and the Trump administration that's got investors' attention — it's the largesse of spending expected from Pelosi, President Joe Biden and a Democratic Senate in 2021.

What's happening: Trump's polling numbers have fallen through the floor since the first presidential debate on Sept. 29.

Dan Primack, author of Pro Rata
23 mins ago - Technology

Israel's new PM Naftali Bennett made his name as a millionaire tech founder

Photo illustration: Annelise Capossela/Axios. Photo: Menahem Kahana/AFP via Getty Images

Naftali Bennett yesterday became prime minister of Israel, succeeding Benjamin Netanyahu, after his power-sharing government survived a vote of confidence.

Why it matters: Bennett becomes Israel's first new prime minister since 2009, and he takes office as Netanyahu stands trial for corruption.

1 hour ago - World

Biden at NATO summit: Collective defense is a "sacred obligation"

President Joe Biden is greeted by NATO Secretary General Jens Stoltenberg at the NATO summit. Photo: Patrick Semansky/POOL/AFP via Getty Images

President Biden reaffirmed the United States' commitment to NATO during a sit-down with Secretary General Jens Stoltenberg, the president's first meeting of NATO's 2021 summit in Brussels.

Why it matters: Biden has used his first international trip as president to reassure allies of his administration's commitment to multilateralism and to NATO's Article 5, which stipulates that the entire alliance will respond to an attack on any member nation.