US President Donald Trump, on Thursday, resumed his trade war with China, saying in a tweet that his country would impose a ten-percent tariff on $300bn of Chinese imports that were not covered by those measures as of September first.
But Trump said that the trade negotiations, which resumed this week in Shanghai between the two countries, would continue as planned.
Trump justified his sudden decision that, in his view, Beijing had not fulfilled its promise to buy more US agricultural products.
Trump’s announcement had a big impact on the markets as the price of a barrel of oil fell 6 percent in New York, and major indexes on Wall Street declined.
Trump’s announcement had a big impact on the markets, the price of a barrel of oil fell 6 percent in New York, and major indexes on Wall Street fell.
This comes despite the serious resumption of trade negotiations between America and China this week in Shanghai.
The two parties referred to “fruitful” talks to end the trade war launched by Trump more than a year ago, to force China to negotiate.
Negotiations are due to resume in Washington next month, according to a table set before Trump announced his decision.
US President Donald Trump, on Friday, called on the World Trade Organization (WTO) to change its way of defining the developing country, criticizing China in particular, and other countries for unfair treatment.
It is noted that developing countries are allowed more time to open their economies under WTO rules. They also have more space to support exports and procedural advantages in WTO’s disputes.
As for China, it accused the United States of arrogance and selfishness after intensifying trade pressures on Beijing by pressuring the World Trade Organization to stop facilitating some countries’ deals and transactions as developing economies.
The Chinese Foreign Ministry spokeswoman, Hua Chuning said on Monday that China needs WTO’s advantages to last “to achieve real trade justice”.