America and China
Us China Trade War: China has announced an additional 10 to 15 per cent tariffs on many US products. This tariff will come into effect from March 10. The Chinese Finance Ministry has announced this. These tariffs will apply to major American exports including chicken, wheat, maize and cotton. This decision will increase the trade war between the world’s two largest economies. China’s decision came after US President Donald Trump’s order to increase duty on import of Chinese products to 20 per cent. The Chinese Finance Ministry said that the imports of chicken, wheat, maize and cotton grown in the US would cost 15 per cent tariffs. Tariffs on tide, soybean, pork, beef, seafood, fruits, vegetables and dairy products will be increased by 10 percent.
Trade war is increasing
Since Tuesday, the US has implemented extensive duty on imports from Canada, Mexico and China. With these new charges, the US tariff has reached a historical level, it has caused panic among businesses and foreign governments. From today onwards, 25 percent of tariffs have been imposed on all imports from Canada and Mexico. While the tariff on Chinese items has been increased to double. Trump believes that tariff can cure the problems of the country. Trump said at the White House on Monday, “It is a very powerful weapon that politicians have not used, because they were either dishonest, fools or they earned money in some other form.”
Canada also imposed counter tariffs on America
Canada said it would impose counter -tariffs on additional imports of $ 125 billion Canadian dollars from the US. It started with 25% tariff on imports of 30 billion Canadian dollars from Tuesday. Tension between the two countries may increase after this action of Canada. Canadian Prime Minister Justin Trudeau has said that if Donalt Trump proceeds with his proposed tariff on Canadian items, our tariff will also be applicable. Trudeau added, “Our tariffs will remain in force until the US trade action is withdrawn and if the American tariffs are not finished, we are actively discussed with the provinces and regions to pursue many non-tariff measures.”
Latest business news
