In fresh years, global trade relations have been undergoing crucial changes, and 1 of the main actors of these changes is the president of the United States, Donald Trump. His trade policy, including the imposition of duties on many countries, has sparked a wave of global reactions. As it turns out, the duties imposed by president Trump not only affect trade relations between the US and China, but besides relations with another countries in the world.
According to White home data, as many as 70 countries asked the US to negociate duties. Among them are Japan and North Korea. president Trump, during his evening speech, stated that he "does not necessarily want to make a deal with them," although he believes that China will yet compromise. As he stresses, the duties imposed on China bring US $2 billion a day, and this is the amount that should interest most countries.
Trade War: Consequences and Reactions
The trade war between the US and China has been going on for respective years and has serious consequences for both parties. The duties imposed by president Trump on Chinese goods made imports from China to the US importantly decreased. According to US Statistical Office data, in 2022 imports from China to the US amounted to $434 billion, a 12% decrease compared to the erstwhile year.
The reactions of another countries to president Trump's trade policy are varied. any countries, specified as the European Union, have decided to introduce duties in consequence to US duties. Others, like Canada and Mexico, have entered into negotiations with the US on a trade agreement.
The Future of planet Trade
The future of planet trade is uncertain, and president Trump's trade policy is 1 of the main factors that form it. As it turns out, the duties imposed by president Trump not only affect trade relations between the US and China, but besides relations with another countries in the world.
According to experts, president Trump's trade policy could have serious consequences for the global economy. According to global Monetary Fund (IMF) data, the trade war could origin global economical growth to decline by 0.5% by 2023.
In this context, the resolution of the trade conflict between the US and China is crucial for the future of planet trade. president Trump claims to be "amazingly gracious" and ready to negotiate, but the duties imposed on China do not intend to endure. Time will show what decision China will make and whether to find a compromise that will satisfy both sides.
More here:
World Trade in Uncertainty Times
