The US-China trade war is at its peak. China increases tariffs on US products. As a result of Chinese action, the US increases tariffs on Chinese products by 5%.
As the world recession plunges, the trade war is going to be awkward. China announced a 5 % tariff hike on products valued at $ 550 billion.
The decision will have a major impact on Chinese exports. These tariffs will come into effect from 1st October. Currently, $ 250 billion of products are under 25% tariffs.
These were increased by Trump to 30%. Another $ 300 billion in tariffs on Chinese goods was increased from 10 % to 15 %.
These will come into effect from September 1. Trump announced this on his Twitter account.
Trump announces a trade war on China
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