Photo by Fancycrave.com on Pexels.com

According to CNBC, profits earned by China’s industrial firms fell 3.1% in June from a year earlier, according to the China’s National Bureau of Statistics.

The decrease in industrial profits is likely due to the US/China trade war and the increase in tariffs on Chinese imports. CNBC also states that economic growth in the second quarter slowed to a near 30-year low.

With the US and China set to meet on July 30th for the first time since May, both sides may be looking for an agreement to end the almost year-long trade war.