US/China Trade War Continues
This week saw another bout in the US/China trade spat, as President Trump ordered for $200 billion in Chinese imports to be identified for 10 percent additional duty – with another $200 billion after that if Beijing retaliates.
Trump had previously promised to place tariffs of 25 percent on $50 billion with of Chinese products which starts July 6. Leading economists are concerned that this latest announcement may well contribute to the slow down of China’s economic growth.
The world’s second biggest economy – and currently biggest contributor to global growth – is already showing signs of slowing down as the trade dispute with the U.S. risks spiraling into a fully blown trade war.
It remains to be seen whether China will retaliate to this latest development.
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