The trade war has already begun. As of this Friday (6.7.2018) the United States imposes 25% tariffs on imported goods from China valued at $34.000 billion. They are mostly from the industrial and technological sector, as Donald Trump claims that the Asian country steals intellectual property. A defensive measure that triggers a clash that could have global reach.
China
The Chinese response was not long in coming. Beijing has announced similar measures on another $34.000 billion in American goods. It will impose tariffs on Farm products, especially soybean, and other consumer goods such as cars or whiskey.
The escalation could go further. The US tariffs on China amounting to 34.000 billion euros are part of a package of 50.000 billion euros on 1.300 Chinese products, which also targets various consumer goods, such as LED light bulbs and electronic cigarettes, among others.
Background
These levies are in addition to the tariffs imposed worldwide - except on some allies - that the United States has already imposed on imports of steel (25%) and aluminum (10%). China counterattacked the metallurgical tariffs with levies on 128 American products.
Source: Reuters
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