Home Business Biden says China is ‘ticking time bomb’ due to economic woes

Biden says China is ‘ticking time bomb’ due to economic woes

0
Biden says China is ‘ticking time bomb’ due to economic woes

President Biden, during a campaign fundraiser in Utah on Thursday, called China a “ticking time bomb” due to its recent economic challenges.

“They’ve got some problems,” Biden said. “And that’s not good because when bad folks have problems, they do bad things.”

BIDEN BANS NEW INVESTMENTS IN CHINA’S HIGH-TECH INDUSTRIES, CHINA SLAMS US

President Biden speaks at the George E. Wahlen Department of Veterans Affairs Medical Center on Aug. 10, 2023, in Salt Lake City. (Photo by George Frey/Getty Images / Getty Images)

“China is in trouble,” Biden added. 

However, he also made clear he was not looking for a fight. Biden said he did not want to hurt the East Asian power player and wanted a rational relationship with the country.

Earlier this year, Beijing described relations between the U.S. and China as being at their lowest point in decades. 

On Wednesday, the president signed an executive order that will ban some new U.S. investment in China in sensitive technologies like computer chips. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

China

Customers select tomatoes at a stall inside a morning market in Beijing Aug. 9, 2023. (Reuters / Reuters Photos)

China, the world’s second-largest economy, said it was “gravely concerned” about the order and that it reserved the right to take measures.

Data from China’s National Bureau of Statistics showed the economy grew 4.5% in the first quarter and 6.3% in the second, with gross domestic product up just 0.8% in April-June from the previous quarter after a 2.2% expansion in the first quarter.

China’s consumer sector fell into deflation, and factory-gate prices extended declines in July, contrasting with inflation elsewhere in the world.

China shoppers economy Beijing

People walk at a shopping street in Beijing April 15, 2023. (Reuters/Tingshu Wang/File Photo / Reuters Photos)

CLICK HERE TO READ MORE ON FOX BUSINESS

Comparatively, the U.S., the world’s largest economy, has fought high inflation and seen a robust labor market.

Reuters contributed to this report. 

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here