New Delhi: The US-China trade war is escalating as both countries have recently raised tariffs on each other’s imports. The Trump administration recently slapped tariffs on American goods bought from China, Canada, and Mexico, which has led to a fierce response from Beijing. China, in turn, announced that it would apply free 10–15 percent compensation taxes on United States goods, spurring to a greater extent image tension between 2 economic superpowers.
This latest turn of events has pushed the U.S.-China trade conflict into the open. Beijing has also asked Washington to have a heart-to-heart talk, of course, on the precondition that if the U.S. is ready for a tariff war, a trade war, or an all-out war, China is ready to make a full-of-grit combo till the end. Economic impacts: Over the course of this war, this escalation would contribute to global market and international trade disruptions, according to analysts.
One longstanding policy position maintained by the Trump Administration was tariffs on Chinese imports. Donald Trump repeatedly pledged during his campaign for the presidency to crack down on China as the result of its abusive trade policies. As soon as his administration came into power, it rushed through the implementation of tariffs for Chinese goods. In a direct response, China has just announced new tariffs ranging as high as 15 percent on American goods, further asserting its willingness to withstand the economic assault from Washington.
China has also lashed out at the U.S. position and said tariffs won’t help curb the fentanyl crisis. Beijing has dismissed this rationale as feeble and countered that the opioid crisis is, in fact, an issue that American authorities have inflicted on their own country. Beijing has made substantial efforts to help the U.S. counteract the U.S. abuse of fentanyl abuse against us in goodwill; however, Washington responded with counterblame and economic coercion, according to Chinese officials.
In addition, China accused the U.S. of trying to pedal to the metal with premeditated pressure via tariffs and economic blackmail. Beijing argues that instead of solving problems, these punitive measures only will weaken the two countries’ cooperation in the drug control field.
China also notched its phrase about not yielding to threats and intimidation. The government of President Xi Jinping has also insisted that pressure, force, and intimidation are no way to influence China. China rebuked the effort as a quixotic quest, vowing that any effort to exert maximum pressure on China “will certainly backfire.”
China also pressed the U.S. to hold fair and respectful discussions to resolve trade and economic disputes. Beijing also stressed that if Washington really wanted a resolution to the problem of fentanyl, then it would have to treat China like a potential partner and negotiate instead of punishing.
Global markets are jittery, hanging on every twist and turn in the trade dispute between the world’s two largest economies.