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Official figures showed modest growth in the second quarter as exports shifted to other countries and Beijing invested in manufacturing and infrastructure.
China accounted for 5.89% of all U.S. trade in May, its lowest percentage in decades. Trump’s tariffs or trade trickery? It’s hard to dispute it’s a remarkable shift.
Batteries Plus CEO Scott Williams said the chain has reduced its reliance on Chinese suppliers for car batteries in order to minimize tariff costs.
The report on China’s gross domestic product was released as the U.S. took stock of the latest inflation figures, which showed that Trump’s tariffs were starting to push up prices. Prices of the products most exposed to tariffs, like household furnishings, jumped significantly in June.
The Chinese economy cooled in the second quarter, but growth was in line with expectations despite pressure from U.S. tariffs.
The world's second largest economy grew by 5.2% in the three months to the end of June, official figures show.
A surge of exports from Chinese manufacturers supported the growth, as customers and producers alike took advantage of the U.S.-China trade war ceasefire.
U.S. President Donald Trump on Tuesday lauded a new trade deal signed with Indonesia and said the United States would be fighting China "in a very friendly fashion." Trump told an energy summit at Carnegie Mellon University that other trade deals could be reached,
Trump to announce investment in AI, energy, threatens 100% tariffs on Russia, food brands could be ripe for deals, and more news to start your day.
Trump tariffs live updates: Trump announces deal with Indonesia, EU releases list of counter-tariffs
President Trump announced his team struck a trade deal with Indonesia on Tuesday that will see goods from the country face a 19% tariff. The announcement comes after Trump unveiled a new batch of letters to over 20 trade partners outlining tariffs on goods imported from their countries beginning in August.