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US-China trade war escalates deeper
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IANS | 24 Sep, 2018
The ongoing trade war between the US and China further escalated on
Monday as the two economic powerhouses slapped each other with the
largest rounds of tariffs yet, unleashing punitive duties now on roughly
half of their traded goods.
President Donald Trump's new 10 per
cent tariff on $200 billion of Chinese goods went into effect on Monday,
spanning thousands of products, including food seasonings, baseball
gloves, network routers and industrial machinery parts.
It
immediately prompted Beijing to respond with tariffs on $60 billion in
American goods, approaching the point of running out of American
products to target, The Washington Post reported.
The latest
levies from Beijing affect more than 5,200 kinds of American imports,
including chemicals, industrial wares and medical instruments.
Neither
of the world's two largest economies showed signs of backing down and
there are no further trade talks scheduled to resolve the dispute.
As
the new tariffs hit, the Chinese government released a report accusing
the Trump administration of a foreign policy based on "trade bullying"
and "attempting to impose its own interests on China through extreme
pressure".
"The new administration of the US government has
trumpeted 'America First' since taking office in 2017, and has abandoned
the fundamental norms of mutual respect and equal consultation that
guide international relations," Xinhua news agency quoted the report as
saying.
"Rather, it has brazenly preached unilateralism,
protectionism and economic hegemony, making false accusations against
many countries and regions, particularly China."
Thousands of
goods now face border taxes of up to 10 per cent, including grocery
store staples, household objects and industrial equipment.
Economists
expect the cost of food, clothing, furniture, toys and cars to swell,
triggering layoffs across industries in both countries.
Earlier
this month, Trump had warned that retaliation from Beijing would spark
another set of tariffs on $267 billion in Chinese goods, erecting
financial barriers on virtually everything the US buys from the nation.
In 2017, that order reached $505 billion.
The Asian giant
imported $130 billion in US goods last year but officials have said
China will keep fighting back with "qualitative" measures.
The
US tariffs are meant to punish China for what the Trump administration
says are unfair trade practices, such as intellectual property theft.
Beijing has rejected the US assertions, accusing Washington of protectionism and bullying.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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