China's economy is slumping as it feels the effects of a prolonged trade war with the United States. That's because America is importing fewer Chinese goods than it did a year ago, which has canceled out the higher tariffs on a larger share of Chinese goods.
Trade talks with China have faltered in recent months, and Mr Trump and his aides appear to be in no hurry to resolve the dispute, projecting confidence that China is suffering more of the harm, if not all of it. But they face an avalanche of unexpectedly bad news including plunging auto sales as they fight with Trump over Beijing's technology ambitions. There have been no exports of either of those two agricultural commodities to China, according to the latest Department of Agriculture data covering the period up to July 4.
Hu Xijin, editor of Chinese tabloid Global Times, published by the ruling Communist Party's official People's Daily, responded on Twitter to Trump's comment, asking if it was "noble for a president to gloat".
Talking point: The drop is primarily driven by declining exports following a May deadlock in trade negotiations with the U.S. However, the increase in key domestic growth drivers-like retail sales and industrial output-suggests that the Chinese government's attempts to stimulate domestic growth by cutting taxes and issuing bonds are working.
However, Ms Pan noted that the longer-term outlook remains "one that is uncertain" as global growth is expected to slow down, thus putting a drag on demand.
The mixed day in Asia follows a rally Friday in NY that pushed major USA stock indexes to record highs as investors bet the Federal Reserve will cut its benchmark interest rate later this month for the first time in more than a decade to help counter slowing growth.
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"Combined with increasing headwinds from USA tariffs and weaker global growth, we expect this to culminate in a further slowdown in economic growth over the coming year", Evans-Pritchard said in a report.
China's GDP expanded 6.3 per cent year-on-year in the first half of 2019 to about 45.09 trillion yuan (about Dollars 6.56 trillion), data released by China's National Bureau of Statistics (NBS) on Monday said. This rate slowed down by 7.8% in June alone on the same month of previous year.
Farmers - particularly soybean farmers - have been hit hard by China's retaliatory tariffs since the start of the trade war past year.
The gross domestic product (GDP) results are a reflection of government policies to aid the weakened growth as the country continues to be entangled in a trade conflict with the U.S. which escalated late past year.
In May, Trump imposed a 25 per cent tariff on Chinese imports worth $200 billion in response to the lack of progress in reaching a trade deal with Beijing.
Credit growth to support that has accelerated to dangerously high levels, according to Iris Pang of ING.
He continues to insist incorrectly that tariffs are paid by China rather than by U.S. companies and consumers, and again accused Beijing of devaluing its currency to make its products cheaper even with the tariffs.