US President Donald Trump on Monday took credit for slowing down the Chinese economy, claiming that thousands of companies are leaving tariffed Beijing.
China on Sunday said that its GDP growth has come down to 6.2 percent, the worst in the last 27 years.
"China's 2nd Quarter growth is the slowest it has been in more than 27 years. The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. Thousands of companies are leaving. This is why China wants to make a deal with the US, Trump tweeted.
Trump also claimed that US has no impact of the tariffs, saying that tariffs are paid for by China "devaluing and pumping" and not by US taxpayer. ''
"In the meantime, we are receiving Billions of Dollars in Tariffs from China, with possibly much more to come. These Tariffs are paid for by China devaluing & pumping, not by the U.S. taxpayer!,"
Beijing and Washington are at loggerheads ever since talks between the world's two largest economies to end trade tensions failed earlier this month.
The US increased tariffs on Chinese goods amounting to over USD 200 billion even as the two sides were in the midst of negotiations.
In retaliation, China increased duties on USD 60 billion worth US imports from June 1. Chinese students and academics were also asked to assess the risks involved given the tightened visa rules.
Disclaimer: No Business Standard Journalist was involved in creation of this content
