🚨 US Adds 10% Tariff on Chinese Imports Amid Fentanyl Concerns
In a bold move, the United States is imposing an extra 10% tariff on goods imported from the Chinese mainland, citing the serious issue of fentanyl as the main reason behind this decision. 🤔
China didn’t take this lightly, labeling the US action as "repayment of kindness with hostility." In response, starting March 10, China has retaliated by increasing tariffs on US goods and introducing new non-tariff measures.
But what does this mean for the average American and global markets? 📉 American economists are sounding the alarm, warning that these tariffs might be a self-defeating strategy. They draw parallels to the Smoot-Hawley Tariff Act of 1930, which led to a whopping 70% drop in US imports and played a role in deepening the Great Depression. 🕰️
Back then, the US eventually rolled out the Reciprocal Tariff Act of 1934 to lower tariffs and help ease the economic crisis. The current situation raises questions: Could history repeat itself if these new tariffs don’t go as planned?
Stay tuned as this trade tension unfolds and its impacts ripple across the global economy. 🌍
Reference(s):
cgtn.com
