The United States has further levied a new round of tariffs worth of $300bn on imports from China which has jolted the European stock markets. US president’s surprise move of implementing tariffs came at the time when both sides sit for bilateral talks with a little gesture of breakthrough.
The 10% tariffs will be effective from next month on all Chinese imports to the United States likely from smartphones to clothing.
French & German’s FTSE 100 and the leading indexes closed 2% lower while Nikkei in Asia drops 2.1% and Hong Kong’s Hang Seng falls 2.3%. Beijing has also threatened the US for retaliation and counter-measures to defend its interest.
China also planned earlier that it will limit the shipment of rare earth minerals to the United States. Rare earth minerals used in the US for making of electric car and in wind turbine production.
Mr. Trump imposes sanctions on Beijing for not prioritizing the pledge of exporting US agricultural goods during Shanghai talks. He also hit hard on President Xi Jinping for not taking actions to increase the trade of synthetic opioid fentanyl.
US president also warned that tariffs can rise from 10% to 25% if the situation continues. Trump-administration put 25% on $250bn Chinese products. The latest round of tariffs has shaken stock markets and oil prices.
Read More: Top World News
Copyright © 2019 Ghanalive.TV. All Rights Reserved.