The ongoing trade war between the United States and China has taken a dramatic turn as both countries continue to escalate their tariffs on each other’s imports. The latest development comes as China announced a massive new levy on US goods, increasing the tariffs from 84% to 125%, effective immediately.
This move by Beijing is in response to US President Donald Trump’s decision to raise duties on Chinese goods to 145%, further intensifying the trade tensions between the world’s two largest economies. The tit-for-tat tariff escalation has rattled global markets, causing uncertainty and volatility in the global economy.
The Chinese Finance Ministry accused the US of violating international trade rules and basic economic laws with its high tariffs on Chinese products. In response, the US Commerce Ministry spokesperson criticized the US duties on Chinese goods as a mere “numbers game with no practical significance in economics,” noting that it will only serve to expose the US’s “bullying and coercion.”
As the trade war between the US and China shows no signs of abating, the impact is reverberating throughout the world. European countries have paused retaliatory tariffs, indicating a cautious approach to the escalating tensions between the two economic powerhouses.
The situation remains fluid and unpredictable, with global supply chains at risk of disruption. The repercussions of the trade war are felt not only by the US and China but also by other countries caught in the crossfire. The future of international trade hangs in the balance as both sides dig in their heels and continue to escalate their tariffs.
For more updates on the US-China tariff dispute and other news, visit http://www.dw.com/en/.
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