– Trade war between two superpowers continues to escalate
– White House likely to impose steep tariffs on aluminium and steel imports on ‘national security grounds’
– US may impose global tariff of at least 24% on imports of steel and 7.7% on aluminium
– China “will certainly take necessary measures to protect our legitimate rights.”
– China is USA’s largest trading partner, fastest-growing market for U.S. exports, 3rd largest market for U.S. exports in the world.
– If the U.S. continues to escalate its trade actions against China, experts say retaliation is likely.
– Global markets are unprepared, investors should invest in gold to protect portfolios
President Trump has long accused China of ‘one of the greatest thefts in the history of the world’ and he campaigned hard on the issue during his run for the White House. So, it is no surprise that his administration are doing something about what they view as an unfair trade set-up.
Last week commerce secretary Wilbur Ross announced the possible ‘global tariff of at least 24% on imports of steel and 7.7% on aluminum after investigations into trade in both metals determined that import surges seen in recent years “threaten to impair [US] national security.”’
Source: News To Me