Published: Tue, July 16, 2019
Global News | By Blake Casey

China threatens sanctions on U.S. over Taiwan arms sales

China threatens sanctions on U.S. over Taiwan arms sales

Hu Xijin, editor of Chinese tabloid Global Times, published by the ruling Communist Party's official People's Daily, responded on Twitter to Trump's comment, asking if it was "noble for a president to gloat".

China's economic growth slowed to 6.2% in the second quarter from a year earlier, the weakest in at least 27 years, as demand at home and overseas faltered. "As trade negotiations struggle for meaningful progress, we are probably not near the bottom for China's economy".

"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", Trump tweeted. "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", Trump said.

The mixed day in Asia followed a rally Friday in NY that pushed major US stock indexes to record highs, with the S&P 500 ending above 3,000 for the first time.

Such a halt in growth will raise plenty of concerns about the general effect this will have on the global economy. The leaders agreed to restart talks for a trade deal - which had collapsed in May - but they gave no concrete time-frame to reach a deal. Countries that feed raw materials to Chinese factories - from Chilean copper to Indonesian coal - are especially vulnerable to decelerating growth in China.

The National Bureau of Statistics said Monday that the GDP grew only 6.2 per cent year-on-year in the second quarter, marking the weakest performance in 27 years and confirming analysts' predictions that the ongoing trade war with the United States would cause a slump in domestic demand.

The world's second-largest economy grew 6.2% over a year ago, down from the previous quarter's 6.4%, government data showed Monday. There have been no exports of either of those two agricultural commodities to China, according to the latest Department of Agriculture data covering the period up to July 4.

Boxing legend Pernell 'Sweet Pea' Whitaker dies after being struck by vehicle
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Still, the economy remains in a complex situation, with external uncertainties on the rise, the statistics bureau said in its statement.

China's value-added industrial output is used to measure the output of large companies each with annual main business revenue of more than 20 million yuan (about Dollars 2.9 million), according to state-run Xinhua news agency. The president considered imposing tariffs on 124 Indonesia products that are shipped to the U.S. This rate slowed down by 7.8% in June alone on the same month of a year ago.

In an effort to aid the economy which was seeing a decrease in growth, Beijing announced that the country is planning to increase its spending whilst also cutting plenty of taxes.

One source familiar with the negotiations said the US 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. U.S. Treasury Secretary Steven Mnuchin told reporters on Monday that he expects to have another "principle-level" call with Chinese officials this week.

Bond yields have been moving higher for several days, suggesting investors are confident the USA economy will power ahead, at least for the next several months.

The dampening economy follows a hard year for China in terms of USA relations.

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