BEIJING (AP) – China announced on Friday that it would increase prices on American products by 84% to 125% – the last salvo in a commercial escalation between the two biggest economies in the world that has shaken the markets and raises fears of a worldwide slowdown.
While US President Donald Trump has interrupted import taxes this week for other countries, he has increased prices on China and now total 145%. China has denounced politics as “economic intimidation” and promised countermeasures. The new prices start on Saturday.
Washington’s repeated pricing “will become a joke in the history of the world economy,” a spokesperson for the Chinese finance ministry said in a statement announcing the new prices. “However, if the United States insists on continuing to harm China’s interests, China Counter-Conrete-et will fight until the end.”
The Chinese Ministry of Commerce said that it would be of another legal action with the World Trade Organization against American prices.
Trump’s measures from Trump, apart from the alarm, caused an alarm on the equity and bond markets and have led some to warn that the United States could go to a recession. There has been a certain relief when Trump has interrupted the prices for most countries – but concerns remain because the United States and China are respectively economies n ° 1 and n ° 2 in the world.
The trade war between the United States and China “could seriously harm the global economic prospects,” said WTO chief Ngozi Okonjo-Iweala, earlier this week.
Chinese prices will affect goods such as soybeans, planes and their pieces and drugs – all of the country’s main imports from US Beijing, pending suspended sorghum, poultry and bonmeal imports of certain American companies last week, and have put more export controls on rare earthly minerals, essential for various technologies.
The main imports of the United States from China, include electronics, such as computers and mobile phones, industrial equipment and toys – and consumers and businesses are likely to see prices increase on these products, with prices now to 145%.
Trump announced on Wednesday that China would face 125% prices, but he did not include a 20% price on China linked to its role in the production of fentanyl.
Officials of the White House hope that import taxes will create more manufacturing jobs by bringing production to the United States bringing together – a politically risky compromise that could take years to materialize, if at all.
Originally published:
California Daily Newspapers
