The report on China’s gross domestic product was released as the U.S. took stock of the latest inflation figures, which showed that Trump’s tariffs were starting to push up prices. Prices of the products most exposed to tariffs, like household furnishings, jumped significantly in June.

China accounted for 5.89% of all U.S. trade in May, its lowest percentage in decades. Trump’s tariffs or trade trickery? It’s hard to dispute it’s a remarkable shift.

Adding to the uncertainty are tariff-related legal challenges and Donald Trump's assertion that he would hammer out bilateral deals with trade partners.