Washington / Tianjin – In retaliation to the tariffs the United States imposed on Chinese imports worth $200 billion, China has imposed tariffs on $60 billion of US goods. The United States had issued a stern warning while making an announcement regarding tariffs saying that if China happens to target US imports henceforth, the United States would impose tariffs over the entire range of Chinese imports which are worth more than $500 billion. China’s move of imposing tariffs without paying heed to the United States’ warning, may likely cause another flare up in the trade war between the two countries.
China has imposed tariffs ranging between 5% to 10% on imports from the US worth $60 billion. These include coffee, honey and industrial chemicals. The country has announced that it will not tolerate the unilateral tax increase and protective economic policies of the United States. At the same time, it has also presented a proposal to the United States for discussions in order to streamline free trade and multilateral trade. However, the United States clearly does not seem interested in considering any proposals from China.
The Chinese exports to the US are in excess of $500 billion and China is using this money for nation building, alleged US President Donald Trump. The United States will not tolerate this selfish Chinese behaviour, was the candid warning issued by President Trump. The Chinese imports will continue to be targeted in this manner until such a time that China makes equal opportunities available to the United States, threatened Trump. President Trump also made a serious allegation that China is using trade as a means to influence the mid-term election in the United States.
Meanwhile, analysts are expressing fears over the repercussions of the trade war being felt globally and that the economies of several countries getting adversely affected. The economists have also warned that this could trigger a global recession. However, US President Trump has said that the Chinese theft will not be tolerated henceforth and that China’s selfish policies are the real cause for the trade war.
Meanwhile, Chinese Premier Li Keqiang accepted that in the current situation it is becoming difficult to stabilize the Chinese economy. Although Keqiang made this revelation at the World Economic Forum, he also clarified that China was not deliberately devaluing its currency, Yuan.