International
Trade war escalates as US finally imposes $200bn tarrifs on Chinese goods
The trade war between Washington and Beijing is about to escalate after President Donald Trump gave the go ahead for the imposition of 10 percent US tariffs on about $200bn worth of Chinese imports.
However, Trump spared some consumer products but warns that US will impose further tariffs on $267bn worth of additional imports if China retaliates.
Trump said in a statement on Monday that the new tariffs will take effect from September 24, saying it will increase to 25 percent on January 1 unless the two countries reach a deal on trade.
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According to Trump, the tariffs aim to force a change in Chinese trade policies that he said posed “a grave threat to the long-term health and prosperity of the United States economy”.
Beijing has also vowed to retaliate should Washington impose the fresh $200 billion tariff.
China says it is confident it can maintain “steady and healthy” economic growth by cutting of trade with the US even as analysts warn that a full-blown trade war could disrupt global trade and shrink annual economic output of the US and China.
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