The recent actions taken by the US government to raise tariffs on Chinese imports have created a new wave of tension in trade relations between the two countries, which could affect the global economy.
Increase of Tariffs to 245%
President Donald Trump has signed an order raising tariffs on Chinese imports to 245%. This decision follows a series of tariff increases that began with 20% after he took office and reached 104% due to subsequent hikes.
Executive Orders on Imports and Exports
Trump has also signed several executive orders targeting foreign practices viewed as economically coercive. One such order initiates investigations into the impact of imported copper, timber, and lumber products on US national security.
China's Economic Performance in Q1
Despite US tariffs, China's economy grew by 5.4% in the first quarter of the year. NBS Deputy Commissioner Sheng Laiyun noted that while the results are positive, the foundation for continued economic recovery needs strengthening.
The trade conflict between the US and China continues to escalate, which may have long-term ramifications for the global economy. Both nations seem unwilling to compromise.
