The world’s two largest economies have engaged in a tit-for-tat tariff war. (Photo: AFP/Fred Dufour) The sudden deterioration meant the world’s two largest economies have now erected trade barriers covering virtually all of their US$660 billion in annual two-way merchandise trade – a prospect that confirmed economists’ fears and sent shudders through Wall Street. The 10 per cent duties will take effect Sep 1, and come on top of the 25 per cent tariffs on US$250 billion in imports already in place. He later raised the possibility he could increase the duties further. “The 10 per cent is for a short-term period and then I can always do much more or I can do less, depending on what happens with respect to a deal,” Trump said at the White House, adding, “it could be lifted up to well beyond 25 per cent.” READ: Commentary – In the eye of a trade war storm but China still takes the long view After resuming face-to-face talks in Shanghai this week, trade negotiators were set to reconvene in Washington in early September for another round of discussions, which means they will take place just after the new tariffs take effect. When he announced… Read full this story
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