China trade officials to talk again 'this week'

China trade officials to talk again 'this week'

China trade officials to talk again 'this week'

China's Foreign Ministry said on Tuesday that it was misleading to suggest Beijing needed a trade deal with the United States because its economy was slowing, following a tweet by US President Donald Trump. The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. In the first half, the economy grew 6.3% compared with a year earlier.

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.

China's stable growth was good for the world and also the U.S. economy, Geng said.

Trump may think the pressure of a weakening economy may force China to give in to USA demands for a deal, but he's keeping his fingers on the trigger, firing a warning shot last Thursday, tweeting, "China is letting us down".

"China's 2nd Quarter growth is the slowest it has been in more than 27 years".

He continues to insist incorrectly that tariffs are paid by China rather than by USA companies and consumers, and again accused Beijing of devaluing its currency to make its products cheaper even with the tariffs.

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National Economic Council Director Larry Kudlow told FOX Business this week that China's slowdown was due to both the trade war with the US and underlying domestic problems. "So, we're talking to China about a deal, but I wish they didn't break the deal that we had".

While the trade war remains a dominant catalyst for global markets, investors are also awaiting the US Federal Reserve's interest-rate decision at the end of July, with markets expecting a rate cut.

Trump and Chinese President Xi Jinping last month agreed to another truce in the year-long trade dispute between the world's two largest economies.

That agreement, announced after the leaders met in Osaka, Japan, was aimed at kickstarting stalled negotiations, but no deadline has been set for the process to conclude. Trump has also seen his approval ratings drop to net-zero or turn negative recently in eight crucial swing states where he won in 2016. "6.2% is much higher than USA growth". The People's Daily said it was "laughable" to say the Chinese economy was being given trouble by the USA tariffs.

"The Trump tensions have contributed to slower growth in China, but the biggest impact has been on sentiment rather than directly from trade", said Andy Rothman, investment strategist at Matthews Asia. "These irrefutable facts are not negated by anyone raising a hubbub".

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