China Records Slowest Economic Growth In Two Decades

Trump sees slowing Chinese growth pressuring Beijing on trade

Trump sees slowing Chinese growth pressuring Beijing on trade

Trump tweeted. U.S. Tariffs on China: Donald Trump Threatens Fresh Tariffs Worth $200 Billion.

Official second quarter figures show that China's economy grew at its slowest pace since the early 1990s. "This is why China wants to make a deal with the USA, and wishes it had not broken the original deal in the first place".

U.S. President Donald Trump after arriving from a fund-raising event before departing for Washington D.C., at Cleveland Hopkins International Airport in Cleveland, Ohio, U.S., July 12, 2019.

While additional tariffs are off the table for now, the United States will maintain the tariffs imposed on a total of $250 billion in Chinese goods, while Beijing will continue to slap tariffs on U.S. imports totalling $110 billion. The slowdown underlines the pressure that Chinese policy makers face as they attempt to negotiate a deal with the USA on trade, while the economy takes another step down in the long-term deceleration from the heady expansion of the mid-2000s.

One source familiar with the negotiations said the USA side wants China to clarify what negotiating document will form the basis for further talks before locking in a firm date for the in-person meeting.

This is within the 6 to 6.5 percent band the government has set for this year and was in line with market expectations of a gradual slowdown.

Analysts said that the slowing momentum would make it more hard for the government to hit its target of doubling the size of the economy between 2010 and next year.

According to CNN, the country's National Bureau of Statistics said in a statement that the Chinese economy will continue to face "downward pressure" in the second half of this year.

Mao Shengyong, a spokesperson for China's National Bureau of Statistics, told reporters at a news conference that the "external environment" is more complicated than in the past.

Gross domestic product rose 6.2.% in the April-June period from a year earlier, below the 6.4% expansion in the first quarter. Shipments of suitcases, plastics, furniture, footwear and textiles were the worst affected, economists at UBS wrote in a research note.

Trump has grown increasingly frustrated that China has not delivered on what he viewed as a promise by the Chinese side to start buying more USA agricultural goods, even as talks continued. A face-to-face meeting hinges on progress in the year-long trade war, he added.

The two leaders agreed during their meeting in Osaka to resume trade negotiations amid Washington's decision to not slap tariffs on all Chinese imports.

White House economic adviser Larry Kudlow told Fox Business Network the administration was still waiting for Beijing to reciprocate for goodwill gestures such as eased restrictions on China's Huawei Technologies Co Ltd and a freeze in any new tariffs.

Meanwhile, a Chinese Foreign Ministry spokesperson today reiterated his government's plans to sanction companies involved in a recently announced US military weapons sale to Taiwan.