US tariff war hurting trade with China; Beijing ‘confident’ of hitting growth targets – business live

News Snapshot:

02.36 EDT Introduction: US trade with China weakening Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. Donald Trump’s trade war is weakening the US economy and causing a plunge in trade with China, economists and logistics firms are warning. Nearly four week’s after Trump’s ‘Liberation Day’ announcement of higher tariffs triggered a trade war with Beijing, evidence is mounting that businesses and consumers are cutting back. Torsten Sløk, chief executive at asset manager Apollo Global Management, explains: For companies, new orders are falling, capex plans are declining, inventories were rising before...