The most immediate threat to China's economy isn't external. It's internal.

• China's economy grew 4.7% in the second quarter of this year from a year ago, missing expectations.
• Its economy faces immediate internal challenges.
• One of the biggest challenges is weak domestic demand: People aren't buying enough stuff.

China's economy is under siege from tariff hikes by the US and the European Union, but this may not be its most immediate threat.

Instead, China's sluggish domestic demand appears to be a more pressing issue.