China has accused the US of launching the “largest trade war in economic history.” Donald Trump has imposed taxes on imports from China, Mexico, Canada and the EU, to encourage consumers to buy American products. All of these countries have retaliated.
The US president’s hard line on trade, which also saw him withdraw from the Trans Pacific Partnership trade pact (TPP) last year, marks a striking change from the free trade policies that have governed the exchange of goods for decades.
The US has imposed three rounds of tariffs on Chinese products this year, total $250 billion worth of goods.
The first two rounds placed 25% tariffs on $50bn worth of imports from China and Beijing retaliated in kind.
Washington delivered a sharp escalation in the trade conflict in September with another set of tariffs, this time on Chinese goods worth $200 billion.
Starting at 10% and increasing to 25% from the start of next year unless the two countries agree a deal.
Donald Trump has warned even more could be on the way. The US president said if China retaliates then Washington would impose fresh tariffs on $267 billion worth of Chinese products.
If Trump goes ahead with that round of import taxes, it would mean virtually all of China’s exports to the US would be subject to duties.
Donald Trump says he wants to stop the “unfair transfers of American technology……Subscribe to Readmore………