National

Data: Trading Economics and U.S. Dept. of Commerce; Chart: Axios Visuals

Even before President Trump heated up the trade war again, consumers in both the U.S. and China were slowing down their spending.

China's retail sales rose 7.2% in April, the slowest rate of growth since May 2003, a sign their economy is cooling significantly.

U.S. retail sales unexpectedly fell 0.2% last month when analysts projected a 0.2% increase. However, retail sales did show year-over-year growth of 3.1%.

Go deeper: The death of brick and mortar store prices

U.S. and China retail sales are moving in the wrong direction

China saw its slowest rate of growth since May 2003.

Business

U.S. China trade war

Trade war

Axios Pro: Deals

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.