The Trade War — “Who is it good for? Absolutely no one. . . say it again”
Wall Street fears that Donald Trump “may be too dumb to fix trade war.”
The talks collapsed between the US and China on May 10, and the U.S. increased tariffs on $250bn of Chinese products from 10% to 25%.
Tensions, and hope, were high when Presidents Donald Trump and Xi Jingping met at the G20 conference in late June. While their relationship may remain intact, the trade relationship between the two countries does not.
President Donald Trump recently announced that he would impose a 10% tariff on $300bn more of Chinese goods.
According to the Office of the US Trade Representative, goods traded between China and the US totaled around $659.8 billion in 2018. The US exported $120.3bn but imported $539.5bn. President Trump has long decried this disparity and has claimed that previous administrations political approach was ineffective and the only way to correct it was by imposing stronger tariffs.
Trump, using his favorite platform Twitter, even went so far in March of 2018 as saying that trade wars are “easy to win”. The evidence is beginning to prove otherwise.
