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Is China losing the trade war against America?

WHEN Donald Trump tweeted on August 5th that tariffs were working big time, American media sprang into action to test the claim (see article). In China, editors were more circumspect. No major Chinese-language newspaper reported his tweets. One of his claimsthat Chinas stockmarket has fallen 27% in the past four monthswas an exaggeration. But why would any self-respecting propagandist in Beijing dwell on that? Chinese stocks have indeed fallen sharply (see chart), which officials do not wish to emphasise.And this is just one of a series of awkward facts for China as its trade war with America deepens. The yuan is down 8% against the dollar since April, and near its weakest in more than a year. A shrinking trade surplus produced a current-account deficit in the first half of 2018, Chinas first such gap in at least two decades. More broadly, Chinas growth is slowing at a time when Americas economy is expanding at its fastest pace since 2014. No wonder Mr Trump feels that he is on the right path, and that Chinese investors are jittery.
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