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

Source Thomson Reuters Datastream

United States and Chinese trade negotiators spoke by phone last week to discuss next steps, but officials didn't cite any progress afterwards.

"These Tariffs are paid for by China devaluing & pumping, not by the USA taxpayer!" he claimed. "This accords with the interests of both countries and is what the global community expects".

President Donald Trump and his Chinese counterpart last month agreed to resume trade talks after discussions collapsed in early May when the American side accused Beijing of reneging on key commitments.

"The trade war is having a huge impact on the Chinese economy", Edward Moya of OANDA said in a report.

But Beijing has rejected the comments.

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

"A combination of substantial steps, partial actions and empty words which will be a relief but far from a final resolution of what has morphed from trade war to a "stop the China rise" cold war", Straszheim said. U.S. and Chinese negotiators spoke by phone last week, and in-person talks are expected soon in Beijing, U.S. officials have said.

"To the extent that we make significant progress, I think there's a good chance we'll go there later", he told reporters at a rare White House news briefing ahead of his trip to meet with finance ministers from the Group of Seven (G7) nations.

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The leaders agreed to restart talks for a trade deal - which had collapsed in May - but they gave no concrete timeframe to reach a deal.

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

Meanwhile, Trump, last week complained China wasn't trying to cope up with its promise made of increased purchases of USA agricultural goods. Slowing demand in China could depress their revenue, earnings and stock market value, said Mary Lovely, a Syracuse University economist who studies trade.

On Monday, Trump taunted China after its Q2 economic data showed that the GDP slowed to 6.2 per cent, the weakest in 27 years.

The annual growth rate slowed to 6.2 percent in the three months to the end of June, down from 6.4 percent the previous quarter, the National Bureau of Statistics said. China's stable growth was good for the world and also the United States economy, he added.

"The claim the high tariffs of the United States has caused difficulties in the Chinese economy, then replicating and spreading the message, is a ridiculous matter", the People's Daily stated. "In the meantime, we are receiving Billions of Dollars in Tariffs from China, with possibly much more to come".

China on Tuesday rebuffed a suggestion from United States President Donald Trump that Beijing wants a trade deal with the U.S. as a result of its economy is slowing, saying this was "totally misleading" and that both nations needed an agreement.

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