Trump's trade war has already cost the country billions as weakened president faces off with China: report
President Donald Trump (R) during a trade meeting with China's Vice Premier Liu He (L) in the Oval Office at the White House in Washington, on April 4, 2019. (AFP/File / Jim WATSON)

A report from Axios shows that U.S. exports to China plummeted over 22 percent in August compared to numbers for the same month last year, as American consumers, farmers and manufacturers bear the brunt of Donald Trump's trade war.

According to the report, "Imports of American products to China dropped to $10.3 billion in August, down 22% from the same month last year. Chinese exports to the U.S. also plummeted to $44.4 billion in August, down 16%. China's trade surplus with the U.S. shrunk to $31.3 billion in August, down $27 billion from a year prior."

The report notes that negotiators, who could ease the burden, are not set to meet until October with Trump planning additional tariffs on China on Oct. 1 and Dec. 15.

China is reportedly in no hurry to reach a new agreement with the president facing an election season coming up where he had hoped to make the state of the economy a centerp[iece of his campaign.

As the Associated Press notes: "Some analysts suggest Beijing is holding out in hopes Trump will feel pressure to make a more favorable deal as his campaign for the 2020 presidential election picks up. Trump has warned that if he is reelected, China will face a tougher U.S. negotiating stance."

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