Chinese Economy Feeling the Pain of Trade Tariffs

(BEIJING, CHINA) After posting economic growth rates of at least seven percent since 1990, China’s fourth-quarter gross domestic product (GDP) grew at the slowest pace – registering six percent year-on-year. Retail sales growth picked up marginally in December to eight percent but the consumer strength gauge is the weakest it has been in 15 years. Auto sales also fell for the first time since the 1990s. December data also showed that China’s manufacturing activity contracted for the first time in 19 months. According to the Epoch Times, analysts indicate the ongoing Chinese-U.S. trade war has affected and will continue to take a toll on China’s domestic demand and job market, if not resolved. Not to mention that if no agreement is made by March 2nd, U.S. President Donald Trump has threatened to increase tariffs on more than $200 billion worth of Chinese goods. The two sides are set to meet face to face in Washington, DC next Wednesday.