China’s economic growth sank to its lowest level in 26 years as the world’s second-largest economy continues to be embroiled in a trade war with the United States, The Associated Press reported Friday.
China’s economic growth slipped to 6 percent in the latest quarter, ending in September, according to AP. It’s a dip from the previous quarter’s 6.2 percent economic growth, according to AP.
The decrease in growth comes as China and the U.S. continue a stand-off in a trade war that has now dragged on for 15-months.
President TrumpDonald John TrumpDemocratic senator rips Trump’s ‘let them fight’ remarks: ‘Enough is enough’ Warren warns Facebook may help reelect Trump ‘and profit off of it’ Trump touts Turkey cease-fire: ‘Sometimes you have to let them fight’ MORE has placed tariffs on Chinese goods as the nation’s leaders fail to reach a trade deal.
Chinese exports to the U.S. fell nearly 22 percent in September from a year earlier, and imports of American goods sank 15.7 percent, according to AP.
Retail sales growth in China fell to 8.2 percent over a year earlier in January-September, AP reports citing the National Bureau of Statistics. The outlet also reports that auto sales in China are down 11.7 percent.
Experts expect the standoff to have implications on the global economy.
The International Monetary Fund cited the tariff war in its decision this week to cut its economic growth forecast to 3 percent from 3.2 percent, AP notes.
Consumer spending in the U.S. also sunk in September to the lowest rate in seven months, according to data released this week by the Commerce Department. However, the U.S. boasts the lowest unemployment rate in 50 years and U.S. economic optimism rose 3 percent in early October.