Summary
China's economic growth slowed to 4.8% in the third quarter of 2024, partly due to increased trade tensions with the United States. The tensions increased after China imposed export controls on rare earth minerals, which are important for electronics production. President Trump threatened new tariffs on Chinese imports in response.
Key Facts
- China's economy grew by 4.8% from July to September 2024, down from 5.2% in the previous three months.
- China imposed export controls on rare earth minerals, which are essential for electronics.
- President Trump proposed a new 100% tariff on imports from China after the rare earth controls.
- US Treasury Secretary Scott Bessent plans to meet with Chinese officials in Malaysia to ease tensions.
- China's exports grew by 8.4% in September 2024 before the recent trade flare-up.
- The service sector and industrial output, including 3D printing and electric vehicles, showed growth.
- China aims for around 5% economic growth in 2024 and has received government support to avoid a downturn.