As the most reliable and balanced news aggregation service on the internet, DML News App offers the following opinion editorial written by Helen Raleigh and published by FOXNEWS.COM:
China already lost in the trade war with the U.S. Although you will never hear Chinese authorities, especially President Xi Jinping, admit it as such, the evidence is everywhere and only becoming more compelling by the day.
Reuters recently reported that based on the Chinese government’s own data, China’s economic slowdown has worsened in August, with “growth in industrial production is at its weakest in 17-1/2 years amid spreading pain from a trade war with the United States and softening domestic demand. Retail sales and investment gauges worsened too.” Despite such poor readings, Premier Li Keqiang insists that China is still on track to achieve 6 to 6.5 per cent growth rate this year.
Raleigh wrote that Li’s statement was an “about-face” and that the actual economic situation in China is much worse. The article goes on to state the following:
President Donald Trump’s trade tariffs struck the Chinese economy when it was already declining and the effects have been devastating. The tariffs have not only reduced imports from China , but also caused foreign companies to shift their supply chain out of China. Beijing had hoped that its stimulus measures, including tax cuts and easy credits to local governments and big businesses, would reduce or even eliminate anticipated negative impacts on the Chinese economy. However, the latest data are a wakeup call that those stimulus measures were not sufficient enough to absorb the blow from the trade war.
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Trump is winning the trade war. Koch and the Chamber of Commerce were wrong, again.
Helen Raleigh: China has already lost the trade war. Here’s whyhttps://t.co/OySI0N0Rde
— Evan F Williams (@evanwilliams00) September 22, 2019
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