US President Donald Trump said China broke the deal in trade talks. It ramped up conflicts ahead of negotiations between the two nations. US China trade war is affecting the business and economy of both countries. Not just that, it also affects the economy worldwide. But, still, the two are leading nowhere even after the trade talks.
Trump’s statement came as Beijing said if the US raises tariffs on Chinese products, it would retaliate with “necessary countermeasures”.
Despite due trade talks on Thursday the countries are increasing tariffs on goods of each other.
Recently, the two were in such arguments that could lead to the end of US-China Trade Talks.
To know more about US-China trade talks, you can also read this. Final Stage Of US-China Trade Talks Said US Treasury Secretary Munchin.
US President accused China’s leaders of breaking the deal. However, he said the US was negotiating on trade.
In Florida, he said, “They broke the deal… They can’t do that. So they’ll be paying.”
If both the sides don’t make any deal then they have to face even higher tariffs on products of each other.
Notably, on Sunday, Trump tweeted the US would hike tariffs on $200bn worth of Chinese goods this week and could introduce fresh tariffs.
Even US Trade Representative Robert Lighthizer accused China’s uncertainty to the trade talks. He insisted a deal with Beijing is still possible.
These flaming US China trade war is affecting financial markets.
Also Read: STEM School Shooting In Colorado Killed 1 & Injured 8.
On Wednesday, Mr Lighthizer released an official notice that duty rates on a vast array of all Chinese goods would rise to 25% on Friday.
The US already decided to raise the tariffs on Chinese goods but postponed it due to ongoing US China trade talks & negotiations.
Not just that, if the US applied it then even China will retaliate with the same kind of high tariffs.
Chinese Commerce Ministry said, “The escalation of trade friction is not in the interests of the people of the two countries and the people of the world.”
Further, it said, “The Chinese side deeply regrets that if the US tariff measures are implemented, China will have to take necessary countermeasures.”
The dispute between these two countries is heavily affecting global businesses and the economy. Don’t know where will the US China trade war lead?
The International Monetary Fund said the escalation of US-China trade tension contributed to a “significantly weakened global expansion”.
