On Friday, China’s Finance Ministry announced a 34% tariff on all goods imported from the United States beginning on April 10th. China is yearning President Trump to extinguish the announced tariff on China, and to resolve all trade differences in a mutually beneficial manner. China also believes that the tariffs are endangering global economic development and the stability of supply chains. Beijing has filed a complaint against the United States regarding the tariffs, claiming that it seriously violates world trade organization rules. Of course, President Trump has responded with a post on X, stating that China has got it all wrong, that they panicked, and that it is something they cannot afford to do.
I find this move extremely ironic from China. We have heard for months the effects that tariffs will have on U.S imports, but never considered the potential retaliation that could be imposed. The United States relies heavily on a country like China, but how will the tariffs from both sides impact trade relationships and most importantly the supply of consumer goods from China? I feel as if it will be extremely interesting to see how this affects China relations within the next coming months. Maybe this will incentivize Trump to extinguish all tariffs, but most likely not.
This is something that we can not be surprised is happening. If the current administration is going to dish out tariffs to what seems like every other country they have to be able to deal with some of it in return. Since such a large percentage of what we import is from China I wonder how this will impact what we continue to import. It will be interesting to see if more countries will follow in suit of China in a retaliatory act against the U.S.
ReplyDeleteChina's 34% tariff, now at 84%, shows the global ripple effects of this escalating trade dispute. With both nations very reliant on one another's imports, heightened tensions could destabilize supply chains and consumer markets. Trump also increased the U.S. tariffs on China to 125% today. It will be interesting to see if China retaliates and ups their tariffs as well in response.
ReplyDeleteAn article I read this morning detailed the escalating U.S.-China trade war. President Trump has progressively increased tariffs on Chinese imports throughout the year, starting at 10%, then moving to 20%, 25%, and most recently raising the total to 145%. Initially, China refrained from retaliating but eventually responded with reciprocal tariffs, with its highest rate now reaching 125%. I wonder who will back down and at what rate.
ReplyDeleteIn terms of GDP, it is crazy to see the two largest economies in the world engaged in a tariff battle. Since the world relies so heavily on globalization, economies around the world will no doubt take a huge hit.
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