Sino-US Trade War Begins

U.S. tariffs take effect, China warns of 'counterattack'

U.S. tariffs take effect, China warns of 'counterattack'

A trade war between China and the U.S. - the world's largest economies - began on Friday as the two sides started slapping additional tariffs on each other's goods, worth almost $70 billion, a development that could impede global economic recovery. Another $16 billion worth of tariffs on Chinese imports are set to hit in the next two weeks. "You tax soybean exports at 25 percent, and you have serious damage to USA farmers".

The Trump administration initiated the dispute in April, announcing the tariffs and accusing China of using "unfair" tactics to build a large trade surplus with the US and expropriating American technology.

China has alleged the United States (US) of commencing "the biggest trade war in economic history" as both the countries slapped tariffs worth billions of dollars on each other's exports.

China's Commerce Ministry said it would be 'forced to make a necessary counterattack.' It gave no immediate details but Beijing earlier released a target list of American goods for retaliation including soybeans, electric cars and whiskey.

Trump's tariffs on the EU, Canada and Mexico are for as much as 25% on imports of steel and aluminium, which the U.S. has imposed on grounds of national security. According to The Hill, Slater said, "These tariffs target the vital parts and components used in equipment manufacturing throughout the U.S. They also will drive up the cost of manufacturing in the U.S. and risk numerous 1.3 million good-paying manufacturing jobs our industry supports". "The countdown is on as to what Trump will do next".

The US has more than five times as many trade disputes as China.

So the ongoing trade war is the culmination of Trump's trade protectionism.

"We just want what we had before", he said.

The ongoing trade war between United States and China, the two largest economies of the world, will affect Bangladesh's global trade in the long run along with some immediate negative impacts on its economy, economists say.

Asked whether US companies would be targeted with "qualitative measures" in China in a trade war, Gao said the government would protect the legal rights of all foreign companies in the country. "It's having an impact on businesses that are not making capital investment decisions because of the uncertainty of the situation", she said.

In the latest sign that the risk of penalties is hitting trade, a vessel carrying USA coal heading for China switched its destination to Singapore.

China's tariffs on hundreds of United States goods include top exports such as soybeans and cotton. This explains why the US has imposed 25 percent tariffs on Chinese imports such as machinery, electronics and high tech equipment including cars, computer hard drives and LEDs.

"Premiums reflect the rising possibility of China being more dependent on Brazil's soybeans", Luis Fernando Roque, an analyst at consultancy firm Safras & Mercado, said in a telephone interview from Porto Alegre.

"My hope is that with this start, people will feel that this cost is too great and we will not move on to the second wave", Jarret said, The Post reported. If China is cheap, they go to China.

There was no evidence of any last-minute negotiations between US and Chinese officials, business sources in Washington and Beijing said.

In addition, tit-for-tat tariffs between the United States and China are very likely to bring negative impacts on the Japanese economy, the scholar said.

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