China’s economy growth cools further amid US tariff war

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Trump tweets on China’s slow growth

Trump said the U.S. tariffs are having a “major effect on companies wanting to leave China for non-tariffed countries” in a tweet. PWC partner Mitch Roschelle with more.

The tariff war showed another sign of impacting the Chinese economy.

China’s economic growth sank to its lowest level in at least 26 years in the past quarter, adding to pressure on Chinese leaders.

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The world’s second-largest economy grew 6.2 percent over a year ago.

That’s down from 6.4 percent in the prior quarter, according to government data.

President Trump hiked tariffs on Chinese imports to pressure Beijing over its technology development tactics and he tweeted about the results.

Now, economists say the slowdown might extend into next year.

Trump and Chinese President Xi Jinping agreed last month to resume negotiations.

The two sides still face the same number of disputes that caused talks to break down in May.

Weaker Chinese activity has global repercussions. China is the biggest export customer for its Asian neighbors and a major market for global suppliers of food, mobile phones, industrial technology and consumer goods.

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The International Monetary Fund and private sector economists have cut this year’s Chinese growth forecast to as low as 6.2 percent, a further marked decline after last year’s three-decade low of 6.6 percent.

The Associated Press contributed to this article.

Source: Fox Business

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