19.3 C
Hamburg
Wednesday, May 27, 2020
Home News Trade war: Round 2

Trade war: Round 2

  • The US will impose a 25% tariff on $16 billion worth of Chinese goods starting August 23.
  • The tariff will mostly apply to industrial equipment, like tractors and chemicals.
  • In response, the Chinese government also announced a 25% tariff on $16 billion worth of US goods that will go into effect the same day.
  • The move is the latest escalation of the trade war between President Donald Trump and China.

The US and China rolled out a new wave of tariffs as the trade war between the two countries rolls on.

The US will impose a 25% tariff on another $16 billion worth of Chinese goods starting August 23, US Trade Representative Robert Lighthizer announced Tuesday .

The new set of measures are the second tranche of tariffs that President Donald Trump originally announced in March, following an initial round of tariffs on $34 billion worth of Chinese imports that went into effect in early July. It represents the latest salvo in the ever-expanding trade war between the US and China.

Read more on Business Insider.

- Advertisment - LR Sustainability Decarbonisation Digital Adverts

Latest Posts

ZIM enjoys stronger Q1 results amid the global pandemic

Despite the impact of the Covid-19 crisis on the shipping industry, ZIM has achieved a significant improvement in its first-quarter performance, compared to the...

Beijing throws its weight behind VGM regulations

China’s Ministry of Transport has issued a directive that effective 1 June 2020, no overweight containers can be loaded on ships in the country’s...

Updated: Maersk to build methanol powered vessel

Maersk Line will build a container vessel powered on sustainable methanol as part of the proof of concept for the US$4.4 billion green fuels...

Costamare ship sale will herald new era in boxship demolition

A steep decline in demand as a consequence of the Covid-19 crisis and the faltering charter market has sparked an interest in the scrapping...

PIL confirms Temasek bailout discussions

Beleaguered Singaporean liner operator Pacific International Lines confirmed on 26 May 2020 that a unit of the Singapore government’s investment agency, Temasek Holdings, may...