Published: Thu, July 18, 2019
Global News | By Blake Casey

Trump Highlights China’s Flagging Economy Amid Ongoing Trade War with US

Trump Highlights China’s Flagging Economy Amid Ongoing Trade War with US

He tweeted: "6.2 per cent is much higher than USA growth".

The analyst attributed the second quarterly slowdown to dual anxieties: one is trade frictions with the USA, the other is the "Chinese government's ongoing campaign to reduce risks in the financial system". "We must make the best of the spirit of struggle, and stand firm in defending the interests of our country and the people, as well as the multilateral trading system".

With this year marking the 70th anniversary of the People's Republic of China's founding, politics necessitates healthy growth, said Raymond Yeung of ANZ bank.

"The US-China Business Council and its members are pleased that the United States and China have agreed to get back to the negotiating table on trade issues and to postpone further escalation of their tariff battles", the business council said in a statement in Washington.

But Beijing has rejected the comments.

"It looks like China is waiting to see what happens after the 2020 election".

Mr Xi told Mr Trump during their meeting that despite great changes in the worldwide situation and in China-US relations, some basic facts remained unchanged: China and the US both benefit from working together and lose when they are at odds with one another, and collaboration and dialogue are better than friction and confrontation.

Commer Minister Zhong's remarks were made as officials from the two nations prepared for further talks.

"We expect to have another principal-level call this week, and to the extent we make significant progress, I think there's a good chance we'll go there later", Mnuchin said on Monday at a briefing for reporters at the White House.

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No face-to-face meetings have taken place and none have been scheduled since US President Trump and China's President Xi Jinping met last month in Japan and agreed to resume talks.

"We expect China to be announcing shortly some large-scale purchases of farm goods and services", Kudlow said.

Furthermore, some industry analysts pointed out that the trade war may be costing the US more than it should be saving since American farmers are still complaining about the tariffs.

U.S. and Chinese officials will speak on Thursday, potentially paving the way for in-person trade talks to resume, U.S. Treasury Secretary Steven Mnuchin said on Monday, as the world's two largest economies seek to end a year-long trade war.

Apple is considering moving some of its assembly plants out of China, according to the report, and the makers of products like GoPro cameras, Crocs shoes, Roomba vacuum cleaners, Yeti beer coolers and Lovesac furniture have already done so. The People's Daily said it was "laughable" to say the Chinese economy was being given trouble by the U.S. tariffs.

Not long after China released its economic data on Monday, Trump said in a tweet: "The United States tariffs are having a major effect on companies wanting to leave China for non-tariffed countries".

"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.

The US and China restarted negotiations following a truce at the G20 summit in June.

Trump has accused the government of the second largest economy in the world of unfair trade practices, and has hit the country with tariffs in order to pressure them into trade deals that more agreeable to the United States.

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