The Trump administration announced tariffs against China starting next month. The reason is that American companies have been infringed on cutting-edge technology and intellectual property. China has also decided to impose retaliatory tariffs on an equal scale. A "trade war" between the us and China is imminent.
No one is a winner and no one can profit from it, the report said. Higher prices for imports from the United States and China will burden consumers and businesses. If the two economies stagnate, it will endanger the world economy. The us has imposed high tariffs on Japanese and European steel. Sanctions against China are likely to exacerbate global friction.
Shipments at ports and air freight stations around the world are slowing as conflicts widen. Prices of key raw materials have risen. In factories from Germany to Mexico, orders are falling and investment is being delayed. American farmers are losing markets as trading partners retaliate with tariffs.
We should not underestimate the macroeconomic impact of [trade wars]. It will be very serious.
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