China Hits Back at US: New Tariffs Escalate Trade War
The ongoing trade war between the United States and China has taken a new turn, with China imposing new tariffs on American agricultural and food products. The move is seen as a retaliatory measure against the US tariffs imposed earlier this year, and signals Beijing’s readiness for a prolonged conflict.
According to reports, China has imposed duties ranging from 10% to 15% on a slew of American products, including soybeans, corn, and pork. The affected US companies include 25 major players in the agricultural and food sectors, with the total value of the targeted products estimated to be around $60 billion.
The new tariffs are the latest salvo in a trade war that has been simmering for months. The conflict started when the US imposed tariffs on Chinese goods worth $34 billion, citing alleged intellectual property theft and forced technology transfer. China responded by imposing tariffs on US goods worth $3 billion, and the US retaliated by increasing the tariffs to $34 billion.
The latest move by China is seen as a significant escalation of the trade war, and has sent shockwaves through the global economy. The tariffs are expected to impact not only US businesses but also the global supply chain, as countries around the world rely heavily on both the US and China as major trading partners.
The Chinese government has defended the move, saying that it is a necessary response to the US tariffs. “China has always been a responsible and cooperative player in the world of trade,” said a spokesperson for the Chinese Ministry of Commerce. “But the US has been making unilateral demands and imposing tariffs on Chinese goods without any basis in fact. We have no choice but to take measures to protect our own interests and the interests of our people.”
The US government, however, has condemned the move, saying that it is an attempt to intimidate American farmers and businesses. “China’s decision to impose new tariffs on American agricultural products is a misguided and harmful move that will only hurt American farmers and consumers,” said a spokesperson for the US Department of Agriculture.
The impact of the tariffs on US businesses is already being felt. The US Chamber of Commerce, a leading business lobby group, has warned that the tariffs could lead to job losses and economic instability. “The tariffs are a tax on American consumers and businesses, and will only serve to further divide the global economy,” said the group’s president.
The global economy is already feeling the effects of the trade war, with stock markets around the world experiencing volatility and trade volumes slowing down. The International Monetary Fund (IMF) has warned that the trade war could have significant consequences for the global economy, including lower economic growth and higher inflation.
The trade war has also had significant implications for the agricultural sector in the US. American farmers have been hit hard by the tariffs, with many reporting significant losses and reduced exports. The US Department of Agriculture has provided financial assistance to affected farmers, but the impact is still being felt.
In conclusion, the escalation of the trade war between China and the US is a significant development that has far-reaching implications for the global economy. The imposition of new tariffs by China is a retaliatory move that signals Beijing’s readiness for a prolonged conflict. The impact of the tariffs will be felt by US businesses and consumers, and could have significant consequences for the global economy.
News Source:
https://ascendants.in/globally-trending/china-new-tariffs-hit-trumps-trade-war/
