US President Donald Trump’s trade tariffs have begun, with China being hit the hardest. The US now faces a 104 percent increase on goods imported from China, while China has retaliated by raising tariffs to 84 percent. Stock markets have plummeted as fears of a global trade war loom.
Trump has long accused China of exploiting the US on trade and aims to revive domestic manufacturing. The escalating tariffs began in February and have increased steadily since, with threats of even more tariffs looming.
China has criticized the US actions as groundless and bullying, with Beijing vowing to fight back to protect its sovereignty and development interests. The tariffs are expected to have a significant impact on China’s economy, with forecasts predicting a decrease in GDP growth.
Chinese officials are working to stabilize the stock market, while the government is expected to implement domestic stimulus measures to mitigate the impact of tariffs. China may boost exports to trading partners in the Global South and allow the yuan to depreciate to offset some losses.
Despite concerns over China’s fiscal position, some experts believe the country is better prepared than most to handle the impacts of the trade war. Overall, the US-China trade tensions continue to escalate, with uncertainties surrounding the economic repercussions.
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