WASHINGTON (AFP) – The United States launched what China called the “largest trade war in economic history” between the world’s top two economies on Friday (July 6), imposing tariffs on goods worth around US$34 billion (S$46.33 billion) annually. The US-China spat is one of several trade fights picked by the protectionist President Donald Trump as his “America First” agenda clashes with free-trade relations with traditional allies. The complex web of commercial ties under threat has raised the prospect of a global trade war, sending financial markets tumbling. Here is a summary of Mr Trump’s trade conflicts: 1. CHINA After weeks of apparently fruitless negotiations, the US imposed tariffs on approximately US$34 billion of Chinese products, sparking an immediate response from Beijing, which said it would hit back but did not provide details. The tariffs may just be the first shot in a ballooning war, as Mr Trump has warned that he could ratchet up the measures to include US$450 billion in goods – the vast majority of all of China’s exports to the United States. Already a second tranche of tariffs on US$16 billion in products is under review and could soon be added to the US measures. The US… Read full this story
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