The US-China trade war escalated as a new round of tariffs affecting $16bn worth of imports, including petrochemicals, took effect at midday in Asia on Thursday, raising the total value of affected goods to $50bn on each side. The second wave of US tariffs on Chinese imports is being implemented less than two months since the first salvo on 6 July, and just as trade negotiations between the two countries were revived in Washington.
In a statement issued on Thursday noon, China’s Ministry of Commerce said that the US move is a violation of World Trade Organisation (WTO) rules.
China firmly opposes this and has to continue to make the necessary counterattack.The scheduled 22-23 August meeting between US treasury undersecretary for international affairs David Malpass and Chinese vice commerce minister Wang Shouwen initially raised hopes of a resolution to the ongoing trade spat between the world’s two biggest economies.
