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China imposed tariff on US: Trump has described this tariff as an necessary step to strengthen the American economy and to protect domestic industries.
China Imposed Tariff On US: US President Donald Trump’s recent tariff announcement has created a ruckus on the global trading stage. The Trump administration has announced a 34 percent tariff on imported goods from China, after which many countries of the world have strongly objected to this move. China is the most affected by this decision, China is prominent, which has immediately retaliated and implemented 34 percent tariffs on American goods.
What did China say by putting tariffs on America?
Trump has described this tariff as an necessary step to strengthen the American economy and to protect domestic industries. He says that this policy will help save American jobs and reduce dependence on foreign imports. However, after this announcement, there has been an atmosphere of uncertainty in international markets. Countries like European Union, Japan and Canada have also expressed concern by terming the move against global trade rules.
What did China say on the tariff?
China has termed this tariff as “the beginning of inappropriate and economic war”. An official statement released from Beijing said, “It is our compulsion to respond to this move of America. We will take every necessary steps to protect our economy and interests.” Under this, China has implemented 34 percent tariffs on all major imports including American agricultural products, automobiles and technical equipment.
The economies of both countries will have a profound impact
Analysts believe that this tariff war can affect the economies of both countries as well as the global supply chain. The stock markets have already started showing signs of decline, and experts have warned that this may increase the prices of consumer goods. The International Monetary Fund has appealed to both countries to exercise restraint. A spokesman for the IMF said, “No party will be the winner due to increasing business tension. It can become a threat to global economic reforms.”
