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The "largest trade war" began

The "largest trade war" began

July 6 2018 LJ cover – Началась «крупнейшая торговая война»
Tags: USA, China, Economy, Trade, War

On Friday, President Donald Trump's decision to impose 25-percent duties on imported goods from China comes into effect; Beijing declared the beginning of the "largest trade war".

"34 (billion dollars), and then there will be another 16 (billion dollars) in two weeks, and then, as you know, we have (fees) 200 billion (dollars) that are under consideration and then after 200 billion we have 300 billion on consideration. <...> Thus, we have 50 (billion dollars) plus 200 (billion dollars), plus almost 300 (billions of dollars), "Trump said, adding that these duties" only concern China. "

Meanwhile, the Ministry of Commerce of the PRC stated: "The USA began to impose 6-percent import duty on some goods from China to the sum of 25 billion dollars, the United States violated the WTO rules and initiated the largest trade war in the economic history," RIA Novosti reports.

They also added that the Chinese authorities will be forced to take retaliatory measures in response to the introduction by the US government of new duties on Chinese imports.

"China is committed not to make the first shot, but to protect the fundamental interests of the state and the benefits of the Chinese people will be forced to make the necessary retaliatory strike," the ministry said in a statement.

"We will also notify the WTO in a timely manner about the situation, we will go one way with the world and together support free trade and the multilateral system," the ministry said.

Recall, US President Donald Trump conducts a tough economic policy in the foreign arena. He unleashed a trade war with China and with the US allies.

The manufacturer of motorcycles Harley-Davidson announced a decision to withdraw production from the US in connection with the actions of the European Union in response to America's steps in the trade war.

The largest American manufacturer of nails Mid-Continent Nail Corporation lost 50% of orders after the administration of Donald Trump imposed import duties on steel.

On Thursday, the media reported that US pork producers are anxiously awaiting higher duties on a number of imported goods, which US President Donald Trump spoke of, and fear large losses due to the trade war with China, Mexico and other countries.

On Wednesday, the media reported that China will impose trade duties on goods from the United States in the amount of 34 billion dollars at midnight 6 July Beijing time.

Dmitry Zubarev
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