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tariffs against Chinese imports
Tuesday, June 19, 2018 –
6:49am
The prospect of a tit-for-tat trade war increased yesterday
as Donald Trump threatened to introduce fresh tariffs
of 10% on Chinese imports worth $200 bn (£150bn).
The threat followed the introduction of Chinese tariffs, which
in turn followed a US levy of 25% on “659 US products worth
$50 billion – including agricultural products, cars and marine
products”, the BBC reports.
Trump said the measures were necessary “to encourage China to
change its unfair practices, open its market to United States
goods, and accept a more balanced trade relationship with the
United States”.
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China has reacted angrily to the new threat, accusing the US of
using “extreme pressure and extortionist behaviour”. It said it
would “strike back hard”.
The rhetoric on both sides reignited fears of a full-blown trade
war and sent shockwaves through stock markets.
However, says CNN, China “faces challenges in retaliating
directly” due to the trade imbalance between the two countries.
China exports around $505bn worth of goods to the US each year,
while just $130bn worth of goods travel in the opposite
direction.
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