China-US trade war reignites
May 30, 2018
The war of words between China and the United States intensified this week, renewing fears of a trade war between the two superpowers.
Following last week’s thaw, which came with the postponement of “punitive” import tariffs on Chinese goods, the atmosphere has shifted again ahead of a scheduled visit by Wilbur Ross, US Commerce Secretary.
After the US reiterated the threat of tariff imposition on $50 billion (€42.9 billion) worth of Chinese imports unless the Beijing Government took action to halt violation of American IP rights, in what Reuters called “an unexpected change in tone.” Resultantly, China has threatened to fight back if President Trump chooses to pursue a trade war.
Washington has also declared it will continue with previously-planned restrictions on investments by Chinese companies in the USA, along with tighter controls on exports to China.
The two nations had previously agreed to work together in order to find a way to narrow China’s $375 billion (€322.2 billion) trade surplus, which prompted Ross’ anticipated visit to Beijing at the beginning of June.
Categories : Around the Industry
