Trump announces trade deal with Indonesia, 19% tariff
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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.
Steel originating in China will be subjected to higher tariffs to prevent steel dumping amid U.S. President Donald Trump's ongoing trade war.
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.
Less than half of Trump 2024 voters, 46%, said they would support tariffs on China — one of America’s biggest trading partners — even if they lead to rising prices domestically. Around a third, 32%, said they would only support tariffs if they do not increase prices.
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The world's second largest economy grew by 5.2% in the three months to the end of June, official figures show.
China reported a better-than-expected economic growth as the world’s second largest economy took advantage of a trade truce with the US amid President Donald Trump’s tariff offensive.
External demand continues to support Chinese economic growth, as the first-half trade surplus surged to a new high of $586bn.
China's economy slowed slightly in the last quarter as President Donald Trump’s trade war escalated, but it still expanded at a robust 5.2% pace, the government said Tuesday. That compares with 5.4% annual growth in January-March.
The Chinese economy cooled in the second quarter, but growth was in line with expectations despite pressure from U.S. tariffs.
Vendors and retailers have been stocking up consumer-grade 3D printers to avoid paying fees from Trump's tariffs on China.
China has reported its exports accelerated in June as a reprieve on U.S. tariffs prompted a rush of orders by companies and consumers.