Trade between the world’s two largest economies has nearly skidded to a halt since US President Donald Trump hit China with various rounds of levies that began as retaliation for Beijing’s alleged role in a devastating fentanyl crisis.

Tariffs on many Chinese products now reach as high as 145%, with cumulative duties on some goods soaring to a staggering 245%.

Beijing has responded with 125% tariffs on imports of US goods, along with other measures targeting American firms.

Against that backdrop, analysts polled by Bloomberg had expected exports to rise just 2% last month.

Imports also beat expectations, dropping 0.2%, compared with the 6% slide analysts had estimated.

US treasury secretary Scott Bessent and trade representative Jamieson Greer are set to meet Chinese vice premier He Lifeng in Switzerland on Saturday and Sunday, marking the first talks between the superpowers since Trump unveiled his tariffs.

Purchases from overseas were also being closely watched as a key gauge of consumer demand in China, which has remained sluggish.

Policymakers this week eased key monetary policy tools in a bid to boost its ailing economy.

But analysts pointed to a continued lack of actual stimulus funds needed to get the economy back on track.