US-China Trade War
A dangerous game is on!
During the US-China trade talks in Washington D.C., Chinese and American trade negotiators could not reach a truce. Later, on May 10th, the United States carried through on its threat to ratchet up tariffs on Chinese goods. China vowed to retaliate and impose similar tariffs on American goods. So, the world’s two biggest economies staggered a couple of steps closer to an all-out trade war. Such an outcome is still far from certain: talks are continuing and, until recently, had been making progress. But the risks are rising of economic damage in both countries, and of a rupture in their already strained relationship.
Since the United States and China were unable to reach a deal, they doubled down on their trade war. US President Donald Trump escalated tariffs already in place and threatened to impose them on all Chinese exports to his country. On 10th of May, Trump did that and raised tariffs from 10 percent to 25 percent on $200 billion of Chinese goods after Washington and Beijing failed to reach a long-sought trade deal despite days of intense talks. China promised countermeasures and vowed to fight back. It and officially did so May 13, announcing it would increase its own tariffs on $60 billion of American products. Around 5,000 items will now have duties increased up to 25 percent; those penalties will go into effect on June 1, according to China’s finance ministry. However, both sides have misjudged the appetite of the other for a conflict and it is a virtual certainty that the situation will get worse before it gets better.
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