Subject category:
Economics, Politics and Business Environment
Published by:
Amity Research Centers
Length: 12 pages
Data source: Published sources
Topics:
Trade; Taxation; Equity; Electronics; Job; Tariff; Accord; Supply chain; Money; Economy; Product; Export; WTO; Special economic zone; Economic sanction
Abstract
The US and Chinese economies were considered two leading economies in the world. From commercial point of view, both economies had maintained substantial trade relation over the years. In spite of continuing a strong trade association, both the US and China had experienced a feasible trade spat in 2018. On June 15th 2018, the administration of Donald John Trump (Trump) had formally declared that it would impose a 25% tariff duty on up to USD50 billion in Chinese commodities, particularly because of China's theft of technology and intellectual property and its involvement in other unfair trade dealings. In response, China's Commerce Ministry had immediately provided taxation measures of the same extent and the same volume on the US goods. Afterwards, on June 18th 2018, Trump had officially requested the United States Trade Representative for identifying around USD200 billion Chinese products on which the US government had wanted to impose extra tariffs at a rate of 10%. In return, on June 19th 2018, China's Commerce Ministry had announced that it would adopt combating measures if the US had published additional tariff list for its commodities. The resultant effects of such US-China trade war might badly impact the global economy. A long-lasting trade dispute and the disorder in global supply chains could have a ripple effect on the international economy as well. Therefore, would the ongoing trade war between the US and China be able to intensify bilateral trade relationship and ensure respective business and economic growth of the two countries in future?
Location:
Other setting(s):
2018
About
Abstract
The US and Chinese economies were considered two leading economies in the world. From commercial point of view, both economies had maintained substantial trade relation over the years. In spite of continuing a strong trade association, both the US and China had experienced a feasible trade spat in 2018. On June 15th 2018, the administration of Donald John Trump (Trump) had formally declared that it would impose a 25% tariff duty on up to USD50 billion in Chinese commodities, particularly because of China's theft of technology and intellectual property and its involvement in other unfair trade dealings. In response, China's Commerce Ministry had immediately provided taxation measures of the same extent and the same volume on the US goods. Afterwards, on June 18th 2018, Trump had officially requested the United States Trade Representative for identifying around USD200 billion Chinese products on which the US government had wanted to impose extra tariffs at a rate of 10%. In return, on June 19th 2018, China's Commerce Ministry had announced that it would adopt combating measures if the US had published additional tariff list for its commodities. The resultant effects of such US-China trade war might badly impact the global economy. A long-lasting trade dispute and the disorder in global supply chains could have a ripple effect on the international economy as well. Therefore, would the ongoing trade war between the US and China be able to intensify bilateral trade relationship and ensure respective business and economic growth of the two countries in future?
Settings
Location:
Other setting(s):
2018