Trump says will hit China with new tariffs; trade tension jitters again

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Trump says will hit China with new tariffs; trade tension jitters again

On Thursday, the 1st of August 2019, dumping out possibilities of a near-term resolution of trade dispute between the world’s first- and second-largest economy, US President Donald Trump made an aggressive move to incline a 10 percent tariff hike on $300 billion worth of Chinese exports untouched by trade war so far.

In point of fact, decision of a new China tariff on rest of the imports comes forth just after a few days, two sides went for the first face-to-face meet in Shanghai since May’s premature collapse of a Sino-US trade talk.

Nonetheless, since negotiations of both of the sides appear to have failed to wipe out growing pessimism between Washington and Beijing, Trump had moved to a 10 percent tariff hike on all remaining Chinese exports, starting from September 1st.

Trump tweeted on late-morning US trading hour on Thursday (August 1st), “Trade talks are continuing, and during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country.

This does not include the 250 Billion Dollars already Tariffed at 25%”. In point of fact, added duties on $300 billion worth of Chinese imports would directly hit US consumer base over a wide swath of products ranging from cell phones to computers to child’s playthings, while addressing to a raft of tensions butterflying above the US sky in such a retaliatory war that would likely to hit global economy with a contraction for certain this time, several analysts raised red flags on global economy saying that multiple G20 majors would likely to face off a fatal blow following Thursday’s (August 1st) Trump’s decision.