The daily business briefing: July 15, 2019

China reports slowest economic growth in 27 years, Spider-Man: Far From Home leads the box office for the 2nd week, and more

Boxes labeled "Made in China"
(Image credit: Feng Li/Getty Images)

1. China's economic growth slows to lowest level in decades

China's economy continued to slow down in the second quarter, with growth dropping to its lowest level in 27 years as Beijing remained locked in a trade war with the U.S., Chinese officials announced Monday. The economy grew 6.2 percent between April and June compared to a year earlier, matching estimates. In June, retail sales went up 9.8. percent and factory output rose 6.3 percent, while investment gained 5.8 percent during the first half of the year. Following President Trump's decision to impose more tariffs on Chinese goods, exports to the U.S. fell 7.8 percent in June compared to a year ago. Representatives from the U.S. and China are still trying to negotiate a trade deal between the two countries.

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