US China Trade Tension Is Growing
US China Trade Tension Is Growing: US-China trade tensions intensify. China Meets with 16 European states in Bulgaria. It’s a big week of economic data in the US. And the UK’s National Health Service celebrates its 70th birthday. These are just some of the big stories the Financial Times will be watching in the week ahead.
First, to the next battle in the US-China trade wars. On Friday, the US is due to start charging a 25% tariff on imports of 818 different types of products from China. That’s trade worth some $34 billion last year. Beijing is about to do the same in return. And neither side is showing any sign it’s ready to stand down. Economists in financial markets are increasingly nervous about an escalating tit for tat tariff war between the world’s two biggest economies. And the US is already planning to target a further $16 billion in Chinese imports. Donald Trump, who has taken umbrage at Beijing’s plans to retaliate, has threatened tariffs on a further $200 billion in Chinese imports if China doesn’t stand down.
When we’re $500 billion dollars down, they say Trump is starting a trade war. I say no. The trade war ended a long time ago. And the United States lost, because our leaders didn’t take care of our people and our companies. The era of global freeloading and taking advantage of the United States is over. It’s just over.
Now, to the Bulgarian capital, Sofia, where leaders from China and 16 central and Eastern European countries are meeting on Sunday. The summit is likely to focus largely on Chinese funded infrastructure investments. But the meeting is made up of 11 countries, such as Hungary, Poland, and Bulgaria, that are also European Union member states. And some EU diplomats have voiced concern in private that China may also use the summit for political purposes.
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