With more than 20 bilateral agreements signed during Vladimir Putin’s visit to China, analysts say manufacturers could find relief from cutthroat price competition
Despite a slowdown in automotive shipments from China to Russia, there is room for them to advance trade settled in yuan and roubles as both countries continue to be pressured away from the US market, analysts said on Tuesday during Russian President Vladimir Putin’s visit to the world’s second-largest economy.
Russians want consumer goods, personal electronics and common machinery that are difficult to import from the West because of trade sanctions over Russia’s invasion of Ukraine that began three and a half years ago, according to the analysts.
China makes products that Russia desires, from phones to factory machinery, and their trade has gradually veered away from the United States amid rising import tariffs since US President Donald Trump’s first term in 2018, with a rapid escalation this year.
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