Shanghai Slowdown

The weakening of the Chinese economy impacts the US economy very indirectly. The US exports about $10 billion/month to China, slightly more than 0.5% of GDP and just 7% of all US exports, but imports about $40 billion/month. Slower Chinese growth won’t significantly reduce their appetite for US imports. Our pain will come from weakening global growth resulting from recessions in Brazil and other commodity exporters due to weakening prices.