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Tue, Oct 22, 2019 | Last Updated 1:47 pm IST

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Investors fear an escalating trade war between Washington & Beijing

Investors fear an escalating trade war between Washington & Beijing
Investors fear an escalating trade war between Washington & Beijing
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China said on Wednesday that "blackmail" wouldn't work and that it would hit back if the United States takes further steps hindering trade, as the Trump administration considers slapping a 25 per cent tariff on $200 billion worth of Chinese goods. Accordingly the proposal would increase the potential tariff rate from 10% the administration had initially put forward on July 10 for that wave of duties in a bid to pressure Beijing into making trade concessions.



A source familiar with the plan said on Tuesday that the tariffs target thousands of Chinese imports, including food products, chemicals, steel and aluminium and consumer goods ranging from dog food, furniture and carpets to car tires, bicycles, and baseball gloves and beauty products. Meanwhile the duties would not be imposed until after a period of public comment, raising the proposed level to 25% would escalate the already bitter trade dispute between the world's two biggest economies.

Investors fear an escalating trade war between Washington & Beijing

Further the source said President Donald Trump's administration could announce the tougher proposal as early as Wednesday in Washington and the plan to more than double the tariff rate was first reported by Bloomberg News.

Investors fear an escalating trade war between Washington & Beijing

Investors fear an escalating trade war between Washington & Beijing
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