According to the Washington Post, former US President Donald Trump expressed his intention to impose a fixed tax of 60% on imported goods from China if he returned to the White House.
However, experts warn that if the tariff decision actually happens, it will have a negative impact on the global economy . Erica York, senior economist at the Tax Foundation, said: "The trade war of 2018-2019 has been incredibly damaging. This decision will reverse and fragment global trade to a level we have not seen in centuries."
According to a report by the US-China Business Council of financial consultancy Oxford Economics published in November 2023, a permanent end to normal trade with China would cost the country's economy $1.6 trillion.
Relations between Washington and Beijing have deteriorated significantly under the Trump administration, as the world’s two largest economies have waged a trade war. During his time in office, Trump has imposed 25% tariffs on about $150 billion worth of goods and 7.5% tariffs on another $100 billion. China has responded with successive rounds of tariffs on US imports.
Donald Trump's determination to escalate his trade war with Beijing reflects the economic policies the former president wants to focus on in the 2024 election.
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