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Us-china tariff war: This step is considered to be a trade war to deepen between the two countries, which can affect the global economy.
US-China Tariff War: The ongoing business tension between the US and China has reached a new turn. In response to US President Donald Trump’s announcement of imposing 104 per cent tariff on goods imported from China, China has also reversed 84 per cent tariffs on US products. This step is believed to deepen the trade war between the two countries, which can affect the global economy.
China provoked Trump’s 104% tariff
It is worth noting that on Monday, Donald Trump warned of imposing 50 percent of additional tariffs on China, which was already 34 percent and 20 percent above tariffs. Trump had said that if China does not withdraw 34 percent of the counter -tariffs imposed on the US, then this step will be taken. From midnight on Tuesday midnight, the US implemented 104 percent of the tariffs, making its threat true. In response, the Chinese Ministry of Commerce announced on Wednesday morning that it would impose 84 per cent tariffs on US imports, which would be effective from April 10.
What did China say about tariffs?
A spokesman for the Chinese Ministry of Commerce said, “This unilateral and protectionist step of the US is a violation of international trade rules. We are forced to protect our interests.” The spokesperson also warned that China can take more strict steps if the US does not reconsider its policy.
Stir in global markets
The announcement of this tariff war has caused turmoil in the global stock markets. The US dollar saw a decline, while the Chinese Yuan reached its lower level. Experts believe that this war will not only affect the economies of both countries, but will also have a profound impact on global supply chains and trade. This can be an opportunity for countries like India, but the possibility of inflation and recession has also increased.
Trump’s statement
Trump said in his response to this development, “China has played the wrong game. We will be more strict against him. It’s time to strengthen the American economy.” He claimed that this policy is necessary to protect American interests and will also teach a lesson to other countries.
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