US ‘gold card’ fails to lure rich Chinese, Shenzhen exports decline: SCMP daily highlights

Cargo containers are seen stacked at a port in Shenzhen, which registered a 2.9 per cent drop in the value of exports last month. Photo: AFP

Published: 9:15pm, 23 May 2025

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Three months after he first floated the idea, Trump’s gold card scheme appears to have fallen flat with China’s wealthy, who were expected to be one of the biggest sources of demand for the controversial new visa.

2. Top exporter Shenzhen underperforms again, takes US tariff blow on chin in April

China’s top exporting city saw its levels fall in April despite stronger-than-expected national growth, suggesting traders are not yet out of the woods amid tumultuous tariff tensions with the US.

3. US farmers feel pain as soybean exports to China flatline despite tariff truce

China has long been a key export market for US farmers, with America exporting more than US$12.8 billion of soybeans to the country last year. Photo: AP

China’s imports of American soybeans and pork plunged to zero in early May and have yet to recover despite the US-China tariff truce, suggesting the trade war may have done lasting damage to a key US export trade.