Despite strong warnings from business groups and trade experts, U.S. President Donald Trump on Thursday signed a memorandum that could impose tariffs on up to 60 billion U.S. dollars of imports from China, the latest unilateral move that poses a threat to global trade.
Trump has directed U.S. Trade Representative Robert Lighthizer to publish a list of proposed Chinese goods that could be subject to tariffs in 15 days, while the U.S. Treasury Department will have 60 days to propose restrictions on Chinese investment in the United States, according to the presidential memorandum."This is the first of many" trade actions.
The Chinese government said, China does not want a trade war with anyone. But China is not afraid of and will not recoil from a trade war. China is confident and capable of facing any challenge. If a trade war were initiated by the U.S., China would fight to the end to defend its own legitimate interests with all necessary measures.
Capital markets were spooked after Mr Trump announced trade restrictions on China. CNNMoney's Fear & Greed Index, a measure of market sentiment, dropped further into "extreme fear".Investors, economists and policymakers are worried about a China-US trade war that could embroil the global economy.
Americans buy lots of Chinese-made goods. Prices will likely go up for shoppers. So there's a lot at stake, from Wall Street to your local Walmart.
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