US-China Trade Tensions Heat Up

Forex News

Chinese government raised tariffs on 128 US goods to 25%. The list of products includes frozen pork, wine and certain fruits, nuts and sums up to 3 billion dollars. This came as an expected response to US steel and aluminum tariffs. And now, speculations and concerns about a U.S.-China trade war have only increased. Chinese tabloid Global Times’ editorial stated: "Even though China and the U.S. have not publicly said they are in a trade war, the sparks of such a war have already started to fly".

Meanwhile, Donald Trump will soon impose some 60 billion dollars tariffs on China’s products. China has been repeatedly accused in unfair trade not only by the US, but by other countries too. And these tariffs are intended to be sort of a punishment. Chinese government says the US is about to get into a trouble if it imposes those tariffs. The Chinese commerce ministry claimed the United States had "seriously violated" the rules of non-discrimination set by the WTO protocol.