On Monday, the 15th of July 2019, US President Donald Trump said that US tariffs had started to take a death toll on Chinese economy and pressurize Beijing’s stance on trade, indicating a 27-year-low GDP growth in China last month in context of a protracted Sino-US tariff war.
Apart from that, the US President had also warned ahead of a resumption of trade talk that “possibly much more” worse events were to follow for the slowing Chinese economy. Nonetheless, data released on Monday (July 15th) sent a mixed signal to global economy, while Chinese GDP grew at its slowest pace since 1992, but, industrial output and factory readings were pointing towards stability.
Followed by the release of a mixed set of China data, Trump being one-eyed as usual, said in a tweet, “This is why China wants to make a deal with the U.S., and wishes it had not broken the original deal in the first place,” while analysts were quoted saying that China was prepared to grapple with slowdown concerns and a lag in demands both home and abroad would likely to persist up to mid-2020.
In point of fact, Trump and his administration had been vying to vent out a trade deal since last May, when a US-China trade negotiation was concluded prematurely and resulted a cascade of tit-for-tat retaliatory tariffs on each other’s economy.