In a dramatic twist in international trade, the Trump administration cranked up tariffs on goods from Beijing to an unprecedented 145%. Dubbed by some as 'Obliteration Day,' this move has sparked a fierce tit-for-tat response in what many see as an escalating trade war.
China quickly retaliated with an 84% tariff on U.S. products, and soon after, a further 125% levy was imposed on American goods. While China’s robust, trade war–proof economy has been built over decades, U.S. consumers may soon feel the pinch with rising prices on everyday items like computers, gaming consoles, smartphones, and toys. 📱🎮
The ripple effects are being felt by small and large businesses across the United States. Many voters, initially hopeful for job growth and economic revival, are now bracing for potential mass layoffs and an economic slowdown accompanied by higher inflation. An analysis by Bloomberg noted, "If the world is settling in for a long trade war, Trump's most formidable rival has already fortified itself."
As the global marketplace watches these high-stakes moves unfold, the tug-of-war between aggressive trade policies and economic resilience continues. Stay informed as this trade saga evolves and its impact on everyday life becomes clearer. 🔥💼
Reference(s):
Trump's 'Obliteration Day' tariffs only strengthen China's resolve
cgtn.com
