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China’s new tariffs on US goods take effect as Asian markets rally after Trump’s tariff reversal – business live
China’s 84% retaliatory tariffs on US goods, announced on Wednesday, are due to come into effect on Thursday
China and the European Union have exchanged views on strengthening their economic and trade cooperation in response to US tariffs, the Chinese commerce ministry said on Thursday, according to Reuters news agency.
In a video call on Tuesday, China’s commerce minister Wang Wentao discussed with European trade and economic security commissioner Maros Sefcovic the restart of talks on trade relief and to immediately carry out negotiations on electric vehicle price commitments, the Chinese ministry statement said.
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Sky-high US-China tariffs are a mutual trade embargo that will hurt both sides
Effects could tip US into recession and undermine China’s already fragile economy but prospects for rapprochement are not hopeless
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Sky-high tariffs that now hang heavily over US-China trade mean, effectively, that they have declared a trade embargo on each other, normally an act of war. The economic consequences for both will hurt.
America’s $150bn (£113bn) or so of exports to China will fall away quickly, while China’s $440bn worth of exports to the US may drop by up to 75% over the next 18 months, unless some sort of negotiation happens. No one will be spared the effects.