US and China issue new tariffs on each other

The US-China trade war took another turn on Monday as both countries slapped each other with new tariffs. China has accused the US of engaging in Trade bullying by intimidating countries into submission. China has also stated its very willingness to retaliate if it calls for it.

China though is still open to trade negotiations with the US only if there is equal respect among both countries. The new tariffs on Chinese goods will cost $200 Billion. The retaliation tariffs on US made products amounts to $60 Billion coming in to effect on Monday.

Beijing has warned the US that it will respond to any increase in levied tariffs accordingly. This will nevertheless result in higher prices for Chinese goods like vacuum cleaners, home modems and routers. For the US and it is an increase in price in China for US made products like liquefied natural gas and certain types of aircraft.

US President Donald Trump has also threatened China with possible complete tariffs on all Chinese goods if the Chinese government continues to retaliate.

 

Source: ewn.co.za

 

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