JAKARTA (TheInsiderStories) – For the first time, United States (US) President Trump expressed his regret that his trade war with China had spiraled into an international quagmire. The relationships between the two countries heats up again, after Beijing it strongly opposes Washington’ decision to levy additional tariffs on US$550 billion worth of Chinese goods.
On Friday afternoon, Trump tweeted that his administration will raise the 25-percent tariff already placed on $250 billion’ worth of Chinese imports to 30 percent, and that the 10-percent tariff on the remaining $300 billion dollars’ worth scheduled for Sept. 1 will go up to 15 percent in the coming months.
Immediately after his tweeted out, Beijing warned Trump of consequences if it does not end its “wrong actions”. China’ ministry of commerce responded by announced its latest retaliatory tariffs on about $75 billion worth of US goods.
The Chinese tariffs of 5 percent and 10 percent, to be implemented in two batches effective on Sept. 1 and Dec. 15, respectively. The $75 billion levy cover 5,078 products, China’ Customs Tariff Commission of the State Council said on Friday (08/23).
“Such unilateral and bullying trade protectionism and maximum pressure violates the consensus reached by head of China and United States, violates the principle of mutual respect and mutual benefit, and seriously damages the multilateral trade system and the normal international trade order,” said the ministry on Saturday (08/24).
It said, US will not win the trade war because of the plight faced by its farmers and businesses, it said. The intensifying the two largest economies’ trade war stoked worries about a global economic recession.
Commenting on the development, Trump responded he will rethinking again his decision. He stated, “Yeah, sure why not. Might as well. Might as well. I have second thoughts about everything.”
While, US’ Chamber of Commerce urged in a statement that the two countries return to the negotiating table. Myron Brilliant, the chamber’ executive vice president and head of international affairs stated, “We believe that constructive engagement is the right way forward. We do not want to see a further deterioration of U.S.-China relations.”
by Linda Silaen, Email: email@example.com