Published: Wed, July 17, 2019
Global Media | By Garry Long

China's economic growth cools further amid US tariff war

China's economic growth cools further amid US tariff war

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.

Weaker Chinese activity carries global repercussions.

Both China and the United States wanted to reach a trade deal, not China alone, Geng said.

China's second quarter economic numbers are a step down in momentum and raises the bar on expectations for government stimulus to prop the economy up in the months ahead to boost consumption and restore business confidence.

Whilst both countries agreed to resume trade talks during a recent G20 summit in Japan, they have both recently placed tariffs on each other's goods, thus hurting multiple businesses, whilst also placing the future of the world's economy in jeopardy.

Analysts said the 6.2% annual rate of growth reported for April-June suggests the trade war between the USA and China is hammering industries.

"A stronger end to the quarter didn't prevent growth from slowing in (the second quarter) and we see more weakness on the horizon", said Julian Evans-Pritchard of Capital Economics in a note. "These tariffs are paid for by China devaluing & pumping, not by the US taxpayer!" In the second quarter, the country's GDP rose 6.2 percent year on year, lower than 6.4 percent in the first quarter, according to the data.

It pushed China's manufacturing activity into contraction last month and its exports to the USA dropped more than 8 percent over the first half of the year.

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In late June, Trump and his Chinese counterpart, Xi Jinping, met on the sidelines of the G20 Summit in Japan and agreed to a truce in the trade war, with Washington holding off on imposing new tariffs on China and allowing USA companies to sell products to tech giant Huawei.

Auto sales, reported earlier, fell 7.8 per cent in June, extending a yearlong contraction in the industry's biggest market.

Urban families the ruling Communist Party is counting on to help propel consumer-driven growth to offset weak trade are being squeezed by rising living costs and slower wage growth.

"The burden to support the family is fairly heavy", said Qiu, 30. He said that was likely to worsen because a boom in real estate development is fading.

BEIJING, July 15 (Xinhua) - In an otherwise turbulent world fraught with uncertainties, China's steadily expanding economy came as a relief and once again proved its key role in powering global growth.

Credit growth has accelerated to dangerously high levels, according to Iris Pang of ING.

"This conclusion ignores the findings of the World Bank, OECD [the Organisation for Economic Co-operation and Development] working papers, economic surveys, and other objective evidence, all cited by the United States", the U.S. statement said.

In New York, Tsai also met former US secretary of state Richard Armitage, UN representatives of Taiwan's diplomatic allies at Taipei's liaison office in the city, hosted a cocktail reception for US Congressmen, delivered a speech at Columbia University and enjoyed a stroll in Central Park with Taiwanese expats.

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