The United States federal debt is now much larger than its GDP, meaning, the country owes more than it produces in a year. Moody’s ratings agency was the third, and last, to downgrade the U.S. debt rating, citing a rising budget deficit. 

Meanwhile, the trade dispute is also putting pressure on American retailers. 

Joining the discussion: 

• Yan Liang is chair professor in Economics at Willamette University. 
• Qu Qiang is Assistant director of the International Monetary Institute.  
• Sourabh Gupta is Senior Asia-Pacific International Relations Policy specialist at the Institute for China-America Studies. 
• Anton Fedyashin is Professor of History at American University.