World Trade War Has Begun
“By imposing tariffs of 25% on hundreds of products imported from China worth US$34 billion a year on Friday, July 6, the United States has violated the rules of the World Trade Organization and launched the largest trade war in the world’s economic history,” a statement by China’s Commerce Ministry declarae.
Beijing claims that it was committed to not firing the first shot, but has been forced to take action in response to the situation created by the United States and has notified the World Trade Organization.
“U.S. actions affect global supply and value chains, but they are also opening fire on everyone, including themselves,” said a spokesman for the Asian nation’s trade ministry.
The Chinese agency has denounced the mercantile “bullying” with which Washington is putting pressure on its trading partners by means of tariff threats that go against the conduct demanded today.
China called on all countries of the world to join forces against trade protectionism and to support multilateralism. The Asian giant claims to have wanted to avoid the trade war that the United States has provoked, but has been forced to fight this war as much as necessary to protect the interests of the nation and its people.
In retaliation, Beijing announced the introduction of an identical tariff rate for the same monetary value for several U.S. goods, some of which would begin to be taxed as of the date set by Washington.
A trade war between the US and China, the two largest economies in the world, could affect not only both nations, but the world economy as a whole, according to a projection by economists at Pictet Asset Management in London, one of Europe’s leading independent asset and wealth managers.
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