5 years ago

China’s economic downturn has caused thousands of companies to withdraw from China due to tariff effects

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china economy

The National Bureau of Statistics announced on July 15 that the economy grew 6.2% year-on-year in the second quarter, the worst quarterly performance in 27 years. Trump posted on social networking sites that the US tariff increase has had a major impact on China, causing a recession.

Trump said on his personal Twitter (tweet) that the quarterly performance of the Chinese economy has always been the worst, indicating that the United States has a significant impact on the tariffs imposed on Chinese goods. Thousands of companies have withdrawn from China and moved to duty-free places, so China wants to reach a trade agreement with the United States. Trump said that the United States charges billions of dollars in taxes from China, and all tariffs are paid by China.

The National Bureau of Statistics of China announced on Monday (July 15) that the economy grew 6.2% year-on-year in the second quarter. Although it was the worst quarterly performance in 27 years, it still met market expectations. The British “Guardian” analysis believes that although Trump is trying to narrow the trade deficit between China and the United States, the Chinese economy does not seem to fall because of the US-China trade war.

Asian stock markets fell after the release of economic data, but quickly recovered. The European stock market is unaffected. AFP believes that this is because the market has digested the news and is waiting to see the rate cut by the US. China’s industrial production remains stable, and the retail industry is still rising, supporting the market’s positive factors.

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