President Donald Trump touted the effects of his tariffs on China Monday morning as the country’s economic growth dropped to its lowest point in 26 years.
“China’s [second] Quarter growth is the slowest it has been in more than 27 years. The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. Thousands of companies are leaving,” Trump tweeted. (RELATED: Report: Trump And Xi Agree To A Potential Trade Truce — With Conditions)
China’s 2nd Quarter growth is the slowest it has been in more than 27 years. The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. Thousands of companies are leaving. This is why China wants to make a deal….
— Donald J. Trump (@realDonaldTrump) July 15, 2019
“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. In the meantime, we are receiving Billions of Dollars in Tariffs from China, with possibly much more to come. These Tariffs are paid for by China devaluing & pumping, not by the U.S. taxpayer!” his tweet continued.
….with the U.S., and wishes it had not broken the original deal in the first place. In the meantime, we are receiving Billions of Dollars in Tariffs from China, with possibly much more to come. These Tariffs are paid for by China devaluing & pumping, not by the U.S. taxpayer!
— Donald J. Trump (@realDonaldTrump) July 15, 2019
China’s GDP grew by 6.2% last quarter, which ended in June — the slowest growth the world’s second-largest economy has experienced since 1992 and down 2% from the previous quarter. Exports fell 1.3% while imports dropped 7.3% for the first half of the year; and exports to the United States specifically fell 8.1%, CNN Business reports.
Apple sales in the country fell 21.5%, or $10.22 billion, in the second quarter compared to the same time last year. The Chinese make up 18% of Apple’s sales. (RELATED: Study: Leaked Huawei Resumes Reveal Extensive Ties To Chinese Intel Agencies)
“The Chinese economy is still in a complex and grave situation. Global growth has slowed and external uncertainties are on the rise,” China’s National Bureau of Statistics said in a statement.
US President Donald Trump (L) shakes hand with China’s President Xi Jinping at the end of a press conference at the Great Hall of the People in Beijing on November 9, 2017. (FRED DUFOUR/AFP/Getty Images)
Trump upped tariffs on $250 billion in Chinese goods from 10% to 25% in May to halt Beijing’s plans give Chinese competitors an advantage in the creation of robots, electric cars and AI. The president has also threatened to increase duties on about $300 billion in Chinese products in China does not cooperate in making a trade agreement with the U.S. Beijing has taxed $110 billion in U.S. goods, according to CNBC.
Hong-Kong-based supply chain manager Li & Fung Ltd. said American retailers are quickly making their way out of Chinese factories and into Vietnam, Bloomberg reported July 10.
“U.S. clients are definitely very, very worried. Everyone is making razor-thin margins already and most people have a huge percentage in China. So if the biggest source increases the price by 25%, they are worried … Nobody’s investing, nobody’s buying,” Li & Fung CEO Spencer Fung said in an interview with Bloomberg.
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