US China Trade War : New Developments So Far
The two nations have resumed trade talks after US president Donald Trump created pressure by announcing huge new round of potential tariff.
As a response, Chinese firms stopped purchase of US farm produce as stated by Chinese commerce ministry as on August 6th. Furthermore, China is planning to impose additional tariff on US farm products.
Trump said, “Beijing has not fulfilled the commitment to buy large volume of US farm products and vowed to impose new tariff on Chinese goods.”
The deemed reason of the battle is global economics and technological dominance. The two nations have been engaged in the trade war by raising tariff and trade barrier.
US china trade relations and investments support 2.6 million job opportunities across United States. To counter the above Donald trump states that the country is stealing jobs and eroding the US manufacturing base.
With world’s two largest economies indulging in trade war, major employment and economic development opportunities have been hindered. Citing figures from trade sources both the countries have benefited at large scale from the trade in terms of employment investment and economic growth opportunities.
Despite the trade barriers and increasing trade tariff some US states are continuing to attract Chinese investment and explore employment opportunities that Chinese companies have created in United States of America.
China is one of the fastest growing economies and expected to continue as the same creating large scale growth opportunities across nations which includes USA, provided China improvise and establish market reforms that improve trade relations and restrict persisting trade barriers in many sectors of the US market.