The trade war between US and China has intensified with the new round of tariffs imposed on £153.7bn of Chinese products with effect from 10% to 25%. China has promised to strike back the US move with some counter-measures.
Meanwhile, Beijing has expressed deep regrets and also showed hope that both countries will make efforts to solve the issue through negotiation. China and US official are trying hard to reach on a trade deal to resolve the issue. Commerce Ministry has updated its website stating the latest tariffs of $200bn implemented on products. Importers have to pay the tariffs or taxes if they import something from abroad means American companies will pay these 25% taxes to bring Chinese product in the US.
The US has also confirmed the move and said that the procedure of levying 25% tariffs has started. Donald Trump has said that they will use $100bn of tariffs in purchasing agriculture products for the United States. Stock markets in China see improvement in index with Shanghai recorded 3% higher on Friday. Earlier this week, a huge decline observed in stock markets after Trump declared to levy new tariffs. In 2018, 10% of the tariff was imposed on $200bn of Chinese cotton products and fish. The US planned to launch new tariffs at the start of 2019 which delayed due to development in talks.
The trade war between two powerful countries has also deeply affected the world’s economy. According to Executive Director at the Asian Trade Centre, the recent situation will have had shocking impacts on economy. Bruno Le Maire, French Finance Minister threatened that the economic war will greatly affect the jobs sector in Europe. American Chamber of Commerce expressed discontent over rising stakes and hoped that a deal may resolve the issue in the future.
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