Home » Economics » Trade War Escalates As US, China Slap Each Other With Fresh $16 BN In Tariffs

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Post Archives by Category

Trade War Escalates As US, China Slap Each Other With Fresh $16 BN In Tariffs

Just after midnight on Thursday EDT, the United States and China escalated their acrimonious trade war implementing punitive 25% tariffs on $16 billion worth of each other’s goods, even as mid-level officials from both sides resumed talks in Washington.

China’s Commerce Ministry said Washington was “remaining obstinate” by implementing the latest tariffs, which kicked-in on both sides as scheduled at 12:01 p.m. in Beijing (0401 GMT). “China resolutely opposes this, and will continue to take necessary countermeasures,” it said in a brief statement on its website, adding that Beijing will file a complaint over the latest tariffs with the World Trade Organisation (WTO).

The U.S. will collect an additional 25 percent in duties on Chinese imports ranging from motorcycles to steam turbines and railway cars; the Chinese retaliation will see a similarly sized tax on items including coal, medical instruments, waste products, cars and buses, Bloombergreports.

Washington’s latest tariffs apply to 279 product categories including semiconductors, plastics, chemicals and railway equipment that the Office of the U.S. Trade Representative has said benefit from Beijing’s “Made in China 2025” industrial plan to make China competitive in high-tech industries.

China’s list of 333 U.S. product categories hit with duties includes coal, copper scrap, fuel, steel products, buses and medical equipment.

The world’s two largest economies have now slapped tit-for-tat tariffs on a combined $100 billion of products since early July, with more in the pipeline, adding to risks to global economic growth and underscoring the Fed’s concerns that trade war could adversely impact US and global growth and slowdown the Fed’s tightening cycle.

…click on the above link to read the rest of the article…

Olduvai IV: Courage
Click on image to read excerpts

Olduvai II: Exodus
Click on image to purchase

Click on image to purchase @ FriesenPress