Trump threatens to raise tariffs on China in another $ 300 billion
The US president reiterated that he could raise tariffs on China, but said both the Chinese and Mexico were interested in getting a deal. The IMF estimated that the trade war would cut $ 455 billion from global growth in 2020
US President Donald Trump on Wednesday threatened again that China’s caps could jump by another $ 300 billion if needed, but said the Chinese and Mexico were interested in getting a deal.
“There are a lot of interesting things happening in our talks with China, we’ll see what happens … I can impose additional tariffs of at least $ 300 billion and I will do it at the right time,” Trump said at the airport in Ireland on his way to France. Trump Sage said: “But I think the Chinese are interested in getting a deal and I think Mexico wants to make a deal desperately,” Trump said at the Irish airport on his way back from a visit to Britain.
More about the Sino-US trade war
However, it appears that the markets are indifferent to Trump’s actions for the time being, as the leading European indices are trading in rises, and Wall Street stock markets are expected to open in green territory.
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Yesterday, the International Monetary Fund (IMF) estimated that the trade war could reduce 0.5% of global GDP in 2020. According to Christine Lagarde, IMF chair, trade tensions are expected to wipe out $ 455 billion of global growth, saying it is a bigger loss than the entire African economy. “There are growing concerns about the impact of the current trade tensions,” Lagarde said. “The risk is that the tension between China and the US will lead to a decline in investment, productivity and growth. The threat of US tariffs on Mexico is also a concern. ”