China’s G.D.P. report was released as the U.S. took stock of the latest inflation figures, which showed that Trump’s tariffs were starting to push up prices. Prices of products most exposed to tariffs, like household furnishings, jumped significantly in June.

A surge of exports from Chinese manufacturers supported the growth, as customers and producers alike took advantage of the U.S.-China trade war ceasefire.

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.