The dispute between world economic powers -China & US- has simmered with the passage of time with both nations are in a race to take over the trade war. In the latest move, China has levied 10% tariff on US imports worth $75bn. President Donald Trump has strongly reacted on the decision and warned China for retaliation.
China imposed the tariffs in response to US president announcement wherein he expressed his plans to implement 10% taxes on Chinese imports to the US, worth of $300bn. US-China trade war has deeply affected the worldwide stock markets while the latest move has left the share markets dived.
Mr. Trump has revealed that US companies are working to find a substitute of China. New Chinese tariffs will put on 5,000 US products sent to the country with range in-between 5%-10%. The hit products included agricultural products, crude oil, and small planes.
China is also going to revive 25% tariff on imported cars from the United States which it confiscated earlier as an omen of goodwill to resume US-China negotiations. US carmakers meanwhile threatened that the tariffs can prove a risk for jobs in the United States.
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