How has the trade war escalated?
On Friday, the US said it would begin the process of raising tariffs on around $250bn (£203.8bn) of Chinese imports from 25% to 30% from 1 October. The US also said fresh tariffs on an additional $300bn of Chinese goods, announced earlier this month, would now be at a rate of 15% instead of 10%. The first batch of those tariffs will be introduced in September. In a tweet, Mr Trump said he planned to order US firms working in China to move their operations back to the US, although it is unclear how he could force them to comply. The moves came after China delivered its latest trade war strike, announcing plans to hit $75bn worth of US goods with new tariffs and hikes to existing duties.How did we get here?
The world's two largest economies have been locked in a bruising trade battle for the past year that has seen tariffs imposed on billions of dollars worth of one another's goods. Mr Trump has long accused China of unfair trading practices, but in China there is a perception that the US is trying to curb its rise. Sharp falls in the yuan earlier this month prompted the US to officially name China a "currency manipulator", adding to tensions between the two countries.DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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