Trade War Intensifies Between US and China with Global Ramifications

(3 Minutes Read)

The United States has raised tariffs on Chinese imports two times since President Donald Trump took office. As China’s economic growth could take a hit if exports are reduced, Beijing is hoping to boost internal production and consumption.

A tariff war is raging between China and the United States that will have global ramifications. The first mover, the US, imposed a tariff on China imports, while the latter hit back at higher US tariffs on Thursday. Chinese leaders maintained that they would not yield to what they described as “coercion” and “threats” and said there would be no winners in a trade war.

The United States has raised tariffs on Chinese imports two times since President Donald Trump took office. As China’s economic growth could take a hit if exports are reduced, Beijing is hoping to boost internal production and consumption.

Its Minister of Commerce, Wang Wentao, acknowledged that Chinese exporters face serious challenges and that the country is also dealing with a slowdown in consumer spending.

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China has also reciprocated the United States with duties, including additional tariffs of 15 percent on key farm imports, and other restrictions on US goods. The commerce minister, however, stressed that Beijing is open to resolving differences over trade. He added that his country expects mutual respect in its dealings with other countries.