Just as forewarned, China has responded to Trump’s additional tariffs with its own hefty set of duties on $60 billion (€51.2 billion) worth of US products.
As the South China Morning Post reveals, China has retaliated to new US tariffs by “announcing its own additional duties on $60 billion (€51.2 billion) worth of American imports” in the latest stage of the bitter US-China trade conflict.
The new tariffs, set at 5 and 10 percent, which take effect next Monday, the same day America’s tariffs on Chinese imports will come into force.
Trump has reacted with vitriol to Beijing’s counter measures.
“China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers because of their loyalty to me,” he wrote on Twitter.
Geng Shuang, spokesperson for the Chinese foreign ministry, explained that Beijing “could not accept the ‘unilateral trade action and protectionism’ of the US” and stated that the US should demonstrate “sincerity or goodwill”.
With economists predicting a drawn-out battle between the two global superpowers, Nick Marro, who works as an analyst at The Economist Intelligence Unit has observed that “there is a high risk for further escalation” in the conflict.
Meanwhile economist Alicia Garcia Herrero has said that some European companies could stand to benefit from the tensions.
“If the European Union were obliged to take sides, the US market [would] continue to be more relevant for Europe,” she explained. “Beyond Europe’s historical alliance with the US … European exporters have more to lose from the US, which will not help China lobby European governments to remain open to China.”
