China has become a scapegoat for U.S. stock weakness, but equities will struggle to rise this year because of the American economy, widely followed bear Marc Faber said Thursday.
"The U.S. economy is weakening and weakening much more than is perceived," the Gloom, Boom & Doom Report publisher told CNBC's "Fast Money: Halftime Report."
Stark drops in Chinese stocks triggered trading halts twice this week, fueling concerns about a slowdown there and contributing to selling around the globe. But China is not the reason U.S. stocks "are unlikely to make new highs this year," Faber contended.
"It has nothing to do at all with China," he said.