China IP slows sharply

China's industrial production slowed sharply in July.  The chart below shows the seasonally- and extreme-adjusted six month rate of change.  I thought a couple of months ago that the Chinese economy was picking up, but the effect of the trade war is more severe than I thought, and is not being offset by domestic stimulus.  If China were picking up, this would have mitigated the effects of a European and US slowdown.  But since it isn't ....