China’s economic growth cools further amid ongoing tariff war with U.S. - Global News

China’s economic growth slowed to its lowest level in a decade in the latest quarter, adding to pressure on Chinese leaders as they fight a tariff war with Washington.The world’s second-largest economy grew 6.2 per cent over a year ago in the three months ending in June, down from the previous quarter’s 6.4 per cent, government data showed Monday. That was the lowest level since the first quarter of 2009 in the aftermath of the global financial crisis.Story continues belowREAD MORE: U.S.-China trade truce helps lift U.S. benchmarks to record highs“The trade war is having a huge impact on the Chinese economy,” said Edward Moya of OANDA in a report. “As trade negotiations struggle for meaningful progress, we are probably not near the bottom for China’s economy.”Chinese leaders have stepped up spending and bank lending to shore up growth and avert politically dangerous job losses. But they face an avalanche of unexpectedly bad news including plunging auto sales as they fight with President Donald Trump over Beijing’s technology ambitions.The economy faces a “complex environment both at home and abroad,” the National Bureau of Statistics said in a statement.WATCH: U.S. won’t lift China tariffs amid reopening of talks: Kudlow

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July 15, 2019 at 10:26AM