Looming U.S. tariffs, together with a real estate market slump feeding into weakening consumer confidence, saw China's GDP growth slow in the second quarter.

The rate, which slightly exceeded the 5.1 per cent average estimate from analysts polled by Reuters, positions Beijing to hit its full-year target of about 5 per cent. It shows how China has been able to keep growth on track through exports and investment even as it struggles with weak demand at home.

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.