In 2024, the US experienced a significant trade deficit with China, importing $439 billion while exporting only $143.5 billion. This prompted President Trump to impose aggressive tariff increases on Chinese goods, aiming to reduce the deficit. The tariff rates have escalated to 145 percent on Chinese imports, making them significantly more expensive in the US market. In retaliation, China implemented counter-tariffs, creating a cycle of increasing levies, raising concerns about the implications for everyday products. Amid these tensions, both nations are positioned to continue their trade conflict, citing violations of international trade rules.
The tit-for-tat escalation of tariffs between the world's biggest trading powers has led to uncertainty on what it means for the cost and production of everyday items.
China's Ministry of Commerce stated it is willing to fight to the end, accusing the US of violating WTO rules amidst escalating trade tensions.
Collection
[
|
...
]