YOUNGSTOWN, Ohio (WKBN) – The U.S. stock market dropped Monday as more signs show China’s economic growth is slowing down.
China’s main stock fell 2.7 percent, and the country’s factory output and investment grew slower than forecast.
Local congressman Bill Johnson said China is trying to dictate the rules of the global economy but that the country does not follow the rules of free world trade.
“China is putting up coal-fired power plants at a rate of one every nine days to fuel their manufacturing sector. So it’s no wonder that they’re doing what they’re doing and making it tough for American workers to compete,” Johnson said.
Congressman Johnson said the U.S. needs to reduce federal regulations and taxes to make it easier for American businesses to compete with China.