14.6 C
Hamburg
Wednesday, May 22, 2024
Home News Trump's Tariffs Could Deliver a Sizable Hit to China's Economy

Trump’s Tariffs Could Deliver a Sizable Hit to China’s Economy

Donald Trump’s threat to impose tariffs on another $200 billion of Chinese imports could cut as much as half a percentage point from the nation’s economic growth, according to economists.

The warning comes amid signs that the world’s second biggest economy -- and biggest contributor to global growth -- is already slowing down as a simmering trade dispute with the U.S. risks spiraling into a protracted trade war. China’s economy grew by 6.9 percent in 2017 and the government has set a growth target of 6.5 percent for the current year.

Trump on Monday evening ordered identification of $200 billion in Chinese imports for additional tariffs of 10 percent -- with another $200 billion after that if Beijing retaliates. He’s already promised to place tariffs of 25 percent on $50 billion, starting July 6 with an initial $34 billion worth of imports.

Read more on bloomberg





Latest Posts

Red Sea bounce gives carriers bottom line boost

Container shipping, it appears, loves a crisis. With the pandemic supercharging carrier incomes, the latest dip has been abruptly halted by the Red Sea...

Visayas Container Terminal welcomes inaugural CPX6 service call

Visayas Container Terminal (VCT), a business unit of International Container Terminal Services, Inc. (ICTSI) at the Port of Iloilo in Panay, Philippines, welcomed the...

Stolt-Nielsen to pay MSC US$290 million to settle MSC Flaminia claim

Norwegian chemical shipping group Stolt-Nielsen will pay US$290 million to MSC to settle claims resulting from the fatal explosion that claimed the lives of...

Box lines’ first-quarter margins the best since 2010, bar Covid-boom

Liner operators' operating margins for 1Q 2024 have reached the highest since 2010, excluding the period during the Covid-induced boom, according to Alphaliner’s report. Average...

Sea-Intelligence reports average minimum transit time up 39% on Asia-Med routes

The Red Sea crisis has compelled shipping lines to reroute around the Cape of Good Hope, significantly extending sailing distances and consequently increasing transit...