Washington: The trade war between China and US got intense as both countries announced imposing tariffs on each other. Yesterday, US President Donald Trump said that he ordered trade officials to impose $100 billion as additional tariffs on China. He further added that our trade representatives analyzed that China is doing unfair practices to obtain our intellectual property.
Key Details about Trade War
A few days back, the US administration officials suggested 25% tariffs on 1300 Chinese products. Technology, industrial, and transportation products were included in the list. In retaliation, China gave a strong reply by imposing tariffs on the US products such as planes, beef, soybeans, chemicals, cars, etc. In 2017, China did around $370 billion trade surplus with the USA. Trump demanded that China should cut this amount by $100 billion. However, Chinese officials denied the US claims and cleared that they have no intention to cause damage to US intellectual property.
The trade war between two super nations is creating a huge global impact. Investors and financial analysts believe that if the tension does not go down then the global economy will be badly affected. If US and China will fail to settle their disputes then, a long-term trade war could damage the commercial ties of both these countries. Global financial markets have also seen a significant drop due to the rising trade war.