United States announced the imposition of $ 50 billion tariffs in Chinese goods by revising a tariff list of 800 products. President Trump is also getting ready for a second phase and a second list of $100 billion this time.
Tag: tariff war
Strong words, tense and anger highjacked the 2018 G7 summit. As analysts expected US allies fought against Trump’s decision to impose tariffs on imported steel and aluminium from EU, Canada and Mexico. Trump abruptly withdrew support for a joint G7 communique, after G7 summit, for the first time in G7 history.
Under the guise of his forthcoming summit with Kim Jong-un, Trump plans an early departure from 2018 G7 Summit.
US vs China. Then US vs Canada and Mexico and EU. Canada and Mexico and EU vs US. Tariff conflicts escalate on a global level to a tariff war.
Although the G7 summit official agenda does not explicitly mentions it, trade war, US tariffs and climate change will lead the talks. Recently Trump decided to impose 10% and 25% tariff on imported steel and aluminum, respectively, from EU, Canada and Mexico. The response on the part of once US allies was instant. Such differences on core issues may result to absence of the usual joint communique for the first time in G7 history.