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US-China trade war

  • Category
    Economy
  • Published
    17th May, 2019
  • Recently, the US President Donald Trump’s administration raised import tariffs on $200 billion of Chinese imports from 10% to 25%, effectively making them 25% more expensive for US consumers.
  • China said it will raise tariffs on $60 billion worth of U.S. goods from June 1, in retaliation to this U.S. tariff hike. The new rates will target a number of American imports with tariffs ranging from 5% to 25%. In addition, China may stop purchasing U.S. agricultural products and energy, reduce Boeing orders and restrict the bilateral service trade.

Issue

Context:

  • Recently, the US President Donald Trump’s administration raised import tariffs on $200 billion of Chinese imports from 10% to 25%, effectively making them 25% more expensive for US consumers.
  • China said it will raise tariffs on $60 billion worth of U.S. goods from June 1, in retaliation to this U.S. tariff hike. The new rates will target a number of American imports with tariffs ranging from 5% to 25%. In addition, China may stop purchasing U.S. agricultural products and energy, reduce Boeing orders and restrict the bilateral service trade.
  • Further, US Trade Representative has published plans to increase tariffs on another 3805 Chinese imports valued at $300 billion hence covering almost all of China’s import products.
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