Last September the Donald Trump government imposed import tariffs by a huge amount, $200 billion, mainly on Chinese goods to curb Chinese imports into the United States.
Trump reportedly announced, “If China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports.” But in retaliation, China also imposed import tariffs on a number of US goods amounting to $60 billion. The ongoing imposition and counter imposition of import tariffs by the US, China and also by some other countries to an extent, has been the origin of trade war in the present world. Even a decade ago, the US had been the foremost flag bearer of globalisation and an open economic system. Then what can be the main reason behind the volteface of the US administration, has been a subject of discussion around the world. It is also important because a fear of global economic slowdown, as a result of this trade war, has been pervasive not only in the developed and developing countries but also in the minds of the biggest industrial giants of the countries directly involved in the trade war.
The Reason Behind Restricting Imports From China
This story is from the December 1 - 15, 2018 edition of BUSINESS ECONOMICS.
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This story is from the December 1 - 15, 2018 edition of BUSINESS ECONOMICS.
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