Trade war between China and the US escalated recently
The trade war of China and the US finally exploded on July 6th when the US imposed 25% tariff on China’s imports
with the total target of USD 34 billion and China retaliated back with the same tariff rate on the same amount of the
US imports.
Right after Chinese announcement, Trump threatened to impose another 10% on China’s USD 200 billion goods
immediately, which marks the escalation of the trade war between China and the US. Apparently, it has made it
impossible for China to implement a similar retaliatory tariff measure since China’s total exports to the US only
amounted to USD 150 billion last year. To a certain extent, the Trump’s move is drawing a new deadline for China
and the US to reach an agreement in the near future.