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- China has warned of retaliation against U.S. President announcement on imposing a fresh 10% tariff on another $300bn of Chinese goods.
- Tariffs are a tax on imports.They are typically charged as a percentage of the transaction price that a buyer pays to a foreign seller.
- The US had already applied tariffs of 25% on $250bn of Chinese goods. China had also retaliated with tariffs of up to 25% on US goods worth $113bn.
- The US is applying pressure on China to try to force it to narrow the trade deficit which is the gap between imports and exports between the two countries.
- The US President has complained that China buys fewer US goods than the US buys from China.He has also accused Chinese firms of stealing US companies intellectual property.
- The International Monetary Fund has also said the US-China trade war is dragging on global growth.Recently,it said that the conflict would cut growth by 0.1% points in 2019 and 2020.
