Tariff war
The tariffs on import of Chinese products by US President Donald Trump have now increased to at least 145%. This tariff is more than the level that many economists destroyed the US-China trade. Donald Trump wrote in a post on Truth Social on Wednesday night that he is increasing the tariff on Chinese goods to 125 percent. He had said that the purpose of this tariff is both to compete with the US’s trade deficit with China and punish Beijing to avenge the US import tax. Now on Thursday, a memo from the White House has shown that this 125% tariff is in addition to 20% tariffs for China’s role in Fantanil smuggling earlier this year. This huge tariff of America on the world’s second largest economy has given birth to a big trade war. This situation has made global financial markets restless.
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