While the American economy continues to be strong, China's economic growth has slumped to its lowest level in nearly three decades. The country's GDP grew at 6.2 percent in the quarter ended June, according to government figures released on Monday. That's the slowest quarterly growth since 1992 and down from 6.4 percent in the previous quarter.
China's exports fell 1.3 percent year-on-year for the first half in dollar terms, while imports dropped 7.3 percent. The country recorded a sharper decline in exports to the United States, which decreased 8.1 percent for the first six months of 2019. Imports from the United States plunged 30 percent year on year.
This is already affecting American companies that do business in China. To take one significant example, Apple's revenue in the Greater China region, which includes Hong Kong and Taiwan and accounts for 18 percent of its overall revenue, dropped 21.5 percent in the second quarter from the same period a year ago.
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