US and China launch ‘the largest trade war ever’
The US and China yesterday officially started what Beijing called the ‘largest trade war in economic history’ as they imposed harsh new tariffs on each other’s exports.
As the world’s two biggest economies slapped tit-for-tat duties on products each worth about $35billion, Donald Trump warned his 25% charges on 800 Chinese products could be just the start.
He said the US may ultimately target all $500billion of goods imported annually from China as experts predicted the trade war could last years.
The US president has vowed to force China to abandon unfair practices such as stealing intellectual property and forcing US companies to hand over valuable technology.
But China insists that it is the victim in a dispute that has prompted fears for the global economy.
A spokesman for China’s Foreign Ministry said the crackdown would bring ‘disaster’ to consumers across the world.