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23 Aug 2018
 |
| Trade war (The Total Investment & Insurance Solutions) |
The
United States and China escalated their acrimonious trade war on Thursday,
implementing punitive 25 percent tariffs on $16 billion worth of each other`s
goods, even as mid-level officials from both sides resumed talks in Washington.
The world`s two largest economies have now
slapped tit-for-tat tariffs on a combined $100 billion of products since early
July, with more in the pipeline, adding to risks to global economic growth.
China`s Commerce Ministry said Washington was
"remaining obstinate" by implementing the latest tariffs, which
kicked-in on both sides as scheduled at 12:01 p.m. in Beijing (0401 GMT).
"China resolutely opposes this, and will continue to take necessary
countermeasures," it said in a brief statement.
"At the same time, to safeguard free
trade and multilateral systems, and defend its own lawful interests, China will
file suit regarding these tariff measures under the WTO dispute resolution
mechanism," it said.
President Donald Trump has threatened to put
duties on almost all of the more than $500 billion of Chinese goods exported to
the United States annually unless Beijing agrees to sweeping changes to its
intellectual property practices, industrial subsidy programmes and tariff
structures, and buys more U.S. goods.
That figure would be far more than China
imports from the United States, raising concerns that Beijing could consider
other forms of retaliation, such as making life more difficult for American
firms in China or allowing its yuan currency to weaken further to support its exporters.The Total Investment & Insurance
Solutions
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