My take on the growing Sino-US trade war
The commercial battle between the United States and China heated up on Monday as the economic powerhouses slapped each other with the largest rounds of tariffs yet, unleashing punitive duties now on roughly half of their traded goods. US president Donald Trump imposed fresh levied on US$200 billion in Chinese imports, prompting Beijing to respond with tariffs on US$60 billion in American good, approaching the point of running out of US products to target. As discussed in my last video, the trade deficit for the USA with regards to China stands at around 350 billion dollars. To be more specific, in 2017, The China imported only 130 billion dollars’ worth of USA goods in contrast to 505 billion dollars of goods exported to the USA from China. Neither of the world’s 2 largest economies showed signs of backing down, and there is no further trade talks scheduled to resolve the dispute. Thousands of goods now face border taxes of up to 10 per cent, including grocery sta...