Trade War Heats Up
26.08.2019, 08:00

Trade War Heats Up

The trade war between the U.S and China heated up over the weekend, with China announcing it would apply new tariffs on imported goods from the U.S and President Donald Trump responding by raising rates on nearly all Chinese imports.

Before the U.S stock markets opened on Friday “China’s Ministry of Finance announced on its website that it will apply new tariffs of between five percent and ten percent on $75 billion worth of goods from the United States,” according to CNBC. There were more announcements with the ministry going further to say that a 25 percent tariff on U.S automobiles and auto parts, which was suspended this year, will be reinstated.

Trump’s reaction was to send out a tweet, aimed at U.S companies, who should start searching for an alternative to China, he said. In his tweet, he stated “our Country has lost, stupidly, Trillions of Dollars with China over many years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won’t let that happen! We don’t need China and, frankly, would be far better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP.” He then went on to say, “our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.”

Saturday then saw U.S stocks close lower with “the Dow Jones industrial average losing more than 600 points and the S&P 500 down 2.6 percent,” CNBC said. Things escalated further on Sunday with Trump calling the trade war a national emergency.

This morning Vice Premier Liu He, who has been leading the talks with Washington, said “we are willing to resolve the issue through consultations and cooperation in a calm attitude. We believe that the escalation of the trade war is not beneficial for China, the United States, nor to the interests of the people of the world,” according to Reuters.

Disclaimer:

Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.


Quotes
Symbol Bid Ask Time
AUDUSD
EURUSD
GBPUSD
NZDUSD
USDCAD
USDCHF
USDJPY
XAGEUR
XAGUSD
XAUUSD

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location