Tit-for-tat tariffs on products worth tens of billions have left the US and China teetering on the brink of an all-out trade war, one Beijing can ill-afford with headwinds mounting for its economy.
US President Donald Trump announced tariffs Friday on Chinese imports valued at $34 billion — with another $16 billion under consideration — prompting an immediate response from Beijing on American products worth the same amount.
The confrontation between the world’s two largest economies comes just as signs emerge that Beijing’s drive to cut domestic debt is taking a toll on China’s economic growth.
Economic data this week showed investment, a pillar of China’s economy, sagging, while surging exports — threatened by the US trade spat — have provided a boost in recent months.
Source: AFP
