Full blown trade war is accelerating, reckless tariff policies implemented by President Trump entailed massive dislocation in terms of economic order, spooked investors around the world by increasing the odds of slower economic growth, higher inflation and lower corporate profits, sparking a sharp sell-off in April.
The landscape of this round trade war is abruptly changing toward the battle between China and US, after Trump dropped new tariff rates on imports from most U.S. trade partners to 10% for 90 days to allow trade negotiations with those countries except China. Trump administration confirmed the U.S. tariff rate on Chinese imports effectively totals 145%.
And China strikes back with 125% tariffs on U.S. goods from 84% as trade war intensifies. The tit-for-tat escalation of tariffs threatens to crush trade between the world’s two largest economies.
"Even if the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,” the Chinese Finance Ministry said in a statement.
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