US-China Trade War and Global Economy


US-China Trade War and Global Economy

The longer the war continues, the greater the risk of de-globalization becomes

Shafqat Javed

Recently acting IMF Managing Director, David Lipton, in a veiled appeal, called on the United States and China to come to an agreement and end their yearlong trade war by saying that the global economic slowdown has been “certainly affected by the trade tensions,” though he did not mention the US or China by name. Citing that global trade has been lower in the first six months of the current year compared with the same period in 2018, he said that it’s “time for vigilance … It’s time for the countries to have dialogue, to reach agreements, to try to find a way through this, since the global economy is fragile.” And this apprehension seems to get materialized as President Trump’s threat to put 10 percent tariffs on the remaining $300 billion of Chinese imports that aren’t subject to his existing levies sent markets tumbling from Asia to Europe and in the US.

Although US President Donald Trump and Chinese President Xi Jinping agreed at the G20 summit in Osaka to resume trade negotiations, the path to ending the trade war remains far from clear. Recently, after the latest round of bilateral talks showed little sign of a breakthrough, President Trump announced to impose a fresh 10 percent tariff on another $300bn of Chinese goods; effecting another sharp escalation of a trade war between the two countries that is all set to hurt the global economy.

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