BY C STONE | STONE NEWS NETWORK
The ever-escalating trade war between the U.S. and China has climbed to new heights today. China has announced 125% tariffs against U.S. imported goods.
From China's finance ministry:
“Even if the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy.”
“With tariff rates at the current level, there is no longer a market for U.S. goods imported into China,” the statement noted, adding that “if the U.S. government continues to increase tariffs on China, Beijing will ignore.”
“This is the end of the escalation in terms of bilateral tariff rates. Both China and the US have sent clear messages, there is no point of raising tariffs further,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.
“This is the end of the escalation in terms of bilateral tariff rates. Both China and the US have sent clear messages, there is no point of raising tariffs further,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.
The world scrambles to find alternative sources of non-tariff goods is becoming close to impossible now.
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