What China's Slowing Growth Means for the U.S.-China Trade Deal
So, what's going on with China?
In case you missed it, China's economic growth slowed to its weakest growth in almost three decades.
China's second-quarter GDP growth rate came in at 6.2%, officials said.
That's down from the 6.4% rate recorded over the first three months of the year and marks the slowest rate of expansion since the first quarter of 1992.
Jim Cramer broke down why he thinks that the economic growth slowed and what it means for the U.S.-China trade war.
"I think in large part because of the tariffs, and companies that are pulling out.
I mean, if you can make things cheaper outside of China, perhaps in Vietnam, wait and avoid the tariff.
I think that's very smart.
I think that a lot of other companies think it's just going to get worse and that the president is going to put the tariffs on the last $300 billion.
China is in no way the cheapest place to make things," said Cramer.
"I think that's one of the great, great misunderstandings--the thing that they are best at is getting it on to an intermodal truck and send it San Francisco or to Long Beach.
So I think the Chinese are losing this fight.
I think our GDP can go up now that the Fed has relented and I think the Chinese GDP--you just look at that trajectory and it's very damaging.
We're talking about an almost 30 year low.
You know, everyone keeps saying they play the long game, but that presumes that they stay in power," he continued.