China’s G.D.P. report 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 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.

The Chinese economy cooled in the second quarter, but growth was in line with expectations despite pressure from U.S. tariffs.