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Market Overview
China Said to Retaliate as Tariffs Raised
U.S President Donald
Trump raised tariffs on $200 billion worth of Chinese imports, taking tariffs
from ten percent to 25 percent overnight.
China reacted by
stating that it will have to take necessary countermeasures after this
development. China’s Ministry of Commerce added that “we hope the United States
will meet us halfway, and work with us to resolve existing issues through
cooperation and consultation.”
The news comes with
the assumption that U.S businesses will feel the effects of the rise in
tariffs. This assumption is strengthened by the opinion of the vice president
of the U.S-China Business Council Jacob Parker, who said “the tariff increase inflicts
significant harm on US industry, farmers and consumers. It will decrease the
competitiveness of American companies, reduce the efficiency of their global
supply chains, and reverberate through the U.S economy. Pure and simple, this
is a tax on the American consumer.”
Today
the two sides will continue their trade talks for the second day in Washington.
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