US vs. China: A Trade War Begins
The recent economic data has been positive and the investors across the world are
hoping to see brighter prospects that will help the economies to recover at a faster pace. The global economy is emerging once again, giving investors another reason to smile. However, analysts observe a change in the trading patterns of two giant economies, the US and China, in particular. Disputes over trading activities in the two nations may affect the recovery pace, predict analysts.The US has slapped a 35% tariff on the tires imported from China. The US economy has realized that importing made-in-China goods is affecting their domestic manufacturing sector with the local manufacturers losing their jobs. Hence, the world's biggest economy is planning to cut the trade cord with the Chinese over the export issues.
Co-incidentally, the Chinese government has announced that it would probe into the option of clearing the auto parts and chickens dumped by the US in the Chinese markets. The China government has now put the ball in the US' court after the US started enforcing and tightening the trade laws with an objective to remain more competitive in the market.
Analysts fear that the implications of this trade war will harm the growing economy. According to Michael Pento, chief economist at Delta Global Advisors Inc, the US should have fair rules as far as trading with the Chinese is concerned. Transparency in trading markets will help boost the economic recovery of the country. "Our banker right now is the Chinese, and it's best not to bite your banker's hand," said Pento.
Hence, the two powerful countries involved in the trade dispute should remain alert as their impulsive actions can have a derailing affect on the world trade and none wants that to happen all over again after facing the bygone economic and emotional depression of 2008.
US vs. China: A Trade War Begins
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