AbdulQadir7
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A 104% duty on Chinese imports formally went into force today, April 9, at noon Eastern Time, according to confirmation from the White House. Following a string of retaliatory actions by both countries, the current trade dispute between the United States and China has significantly escalated, following Chinese refusal to remove its own retaliatory tariffs, which had been put in place in reaction to previous U.S moves, the duties were put into effect.
President Donald Trump started the dispute by declaring more tariffs on Chinese goods claiming that China had not addressed American complaints about intellectual property theft and trade imbalances, Trump retaliated with a 50% duty, raising the total to 104%, after China imposed a 34% tariff on U.S imports.
The tariffs are a component of Trump's larger plan to combat what he views as unfair trade practices by China and other countries, the United States has also levied 10% to 49% tariffs on imports from other nations that are considered to be "worst offenders."
China has declared that it will "fight to the end" in this trade spat accusing the United States of "economic bullying" and causing economic instability worldwide, global markets have seen a great deal of volatility as a result of the scenario, with stock exchanges declining precipitously in reaction to the growing trade tensions.
With possible long term effects on international trade and economic stability, the imposition of these tariffs represents a turning point in the trade war, in order to end the war and stop additional economic harm, diplomatic efforts are desperately needed as both countries continue to increase their actions.
In conclusion, the growing distance between the United States and China, where both countries accuse one another of unfair trade practices is reflected in the 104% tariffs imposed on China, the circumstances highlight the necessity of a negotiated settlement to solve the fundamental problems causing the trade dispute and bring stability back to international markets.
President Donald Trump started the dispute by declaring more tariffs on Chinese goods claiming that China had not addressed American complaints about intellectual property theft and trade imbalances, Trump retaliated with a 50% duty, raising the total to 104%, after China imposed a 34% tariff on U.S imports.
The tariffs are a component of Trump's larger plan to combat what he views as unfair trade practices by China and other countries, the United States has also levied 10% to 49% tariffs on imports from other nations that are considered to be "worst offenders."
China has declared that it will "fight to the end" in this trade spat accusing the United States of "economic bullying" and causing economic instability worldwide, global markets have seen a great deal of volatility as a result of the scenario, with stock exchanges declining precipitously in reaction to the growing trade tensions.
With possible long term effects on international trade and economic stability, the imposition of these tariffs represents a turning point in the trade war, in order to end the war and stop additional economic harm, diplomatic efforts are desperately needed as both countries continue to increase their actions.
In conclusion, the growing distance between the United States and China, where both countries accuse one another of unfair trade practices is reflected in the 104% tariffs imposed on China, the circumstances highlight the necessity of a negotiated settlement to solve the fundamental problems causing the trade dispute and bring stability back to international markets.
