“The U. S. abuses tariffs to trigger trade wars everywhere around the globe and that will severely damage the world trade order, hurt the interests of trading partners, and also hurt its domestic companies and people…”
As fears about an escalating trade war have continued to hammer stocks on Thursday, now that Daimler has become the first company to slash guidance blaming the trade spate between the US and China for its poor forecast (who knows what the real cause is), Market News International (MNI) reported that Chinese trade officials have “quietly” approached the US to find a way to minimize punitive tariffs on Chinese goods.
The news comes after China again reiterated that it would retaliate if President Trump slaps 10% tariffs on some $200 billion in Chinese goods, something he threatened to do earlier this week. In its latest communique, China said it is “fully prepared” to respond to any new list of US tariffs, according to a spokesman for the Commerce Industry, who added that China will use “a combination of quantitative and qualitative measures” to strike back at the US. Meanwhile, India followed in the European Union’s footsteps by raising tariffs on a slew of items, including walnuts, almonds, boric acid, apples, diagnostic reagents and some hot-rolled coil products.
India also joined the global trade war, and in retaliation to US tariffs, increased its own tariffs to 70% on chickpeas and Bengal gram, according to Bloomberg .
“The increase in tariffs is a message to the U. S. administration to take concerns of other nations seriously,” said Sachin Chaturvedi, director general at New Delhi-based think tank Research and Information System for Developing Countries.
