Twenty-two billion dollars of Chinese products doubled
11 May 2019, 21:54 BDT
Talks in Washington to normalize trade relations between the United States and China But within this, the ongoing trade war between the two countries got different levels. On Friday, US President Donald Trump announced the increase in customs duty on Chinese products worth $ 20 billion. Currently, these Chinese products are to be taxed at 10 percent rate, but due to the new announcement, these products will now be able to pay 25 percent of the tax on entry into the United States. The announcing of Donald Trump's disappointment has prompted China to take counter action.
According to the BBC Online report, Trump has announced to increase the tariff value of approximately $ 20 billion worth of Chinese products from 10 percent to 25 percent. As a result, US companies will have to pay 25 percent duty on import of goods from China. This announcement is 'very frustrating', says China. At the same time, they also called for 'necessary counter steps' against the US move.
This announcement came at a time when the two sides discussed Washington's longstanding trade dispute resolution. In such a situation, the announcement has surprised everyone.
Meanwhile, the Chinese Ministry of Commerce has mentioned the US move on their website. In a statement, they said, "The US and China were expected to work together to resolve the existing crisis through co-operation and negotiation."
Meanwhile, the Chinese Ministry of Commerce has mentioned the US move on their website. In a statement, they said, "The US and China were expected to work together to resolve the existing crisis through co-operation and negotiation."
Donald Trump did not stop at justifying the new tax on imposition of duty. At the same time, he said the process of imposing 25 percent rate of tax on Chinese products worth $ 32.5 billion was started. Trump writes in a related tweet that 10 billion dollars worth of taxes will be spent on the purchase of agricultural products, which will be given as humanitarian aid.
Last year, the United States had imposed a 10 percent tax on Chinese products worth $ 200 million. This year the amount of duty was to increase. But in the meantime, the talks started on bilateral trade, the delay in the decision to impose an increase in the rate of the US administration. And now at the middle of the discussion, the announcement of taxation came into force.
The current trade war between the United States and China that is not coming to an end due to the new taxation imposed, it is certain to be certain. This trade war has already put the global economy in crisis. In both cases it is a question of business and consumer. American companies starting the trade war are not free from this crisis.
Asian Trade Center Executive Director Deborah Mays told BBC Online, "This is a big push for the economy. US companies will have to pull up the burden of increasing duty. And then China's counter-steps will come. '
The impression of how frightening it is, the French Finance Minister Bruno la Meyer said in the speech. He said about the US-China trade war, "this trade dispute between the two countries will threaten employment in entire Europe." There can be no greater threat to global growth. '
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