The US-China trade war has significantly escalated with increased tariffs and retaliatory measures, impacting global markets and raising concerns about a potential US recession.
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the trade war between the world's two
largest economies just boiled over in
the span of 280 characters on Friday
just after US stock markets closed u.s.
President Donald Trump announced via
Twitter starting on October 1st the 250
billion dollars of goods and products
from China currently being taxed at 25
percent will be taxed at 30 percent
additionally the remaining 300 billion
dollars of goods and products from China
that was being taxed from September 1st
at 10 percent will now be taxed at 15%
this was Trump's retaliation after
Beijing announced a few hours earlier
that China will tax an additional 75
billion dollars worth of u.s. goods also
starting next month that came at the end
of an already tumultuous day earlier
Friday the US president tweeted an order
to American businesses move supply
chains out of China immediately Trump
does not in fact have the power to
command US businesses to leave China but
he does have leverage he can encourage
them he cannot give them government
contracts for example if they're buying
things from the government or trying to
sell things to the government but no he
can't he can't stop that the tweet still
spooked investors the Dow Jones closed
more than 2% down the tech-heavy Nasdaq
index was off by 3 percent both signs of
the importance of the Chinese market to
US companies all this comes at a
particularly vulnerable time in trump's
presidency a growing number of
economists forecast a u.s. recession on
the horizon driven partly by the White
House trade policies Trump has responded
by blaming everyone but himself I think
the word recession is a word that's
inappropriate because it's just a word
that the the certain people I'm going to
be kind certain people and the media are
trying to build up because they'd love
to see a recession
Trump also took unprecedented aim at the
chairman of the US Federal Reserve the
central bank lowered interest rates last
month but not as much as Trump hoped
that earned its chairman this comparison
from Trump who is our bigger enemy J
Powell or chairman C the Chinese leader
president Trump will spend the weekend
in France at the g7 meeting with fellow
leaders of major industrialized nations
the White House has asked concerns of a
global recession to be front and center
and no doubt the us-china trade
escalation will dominate those
discussions heidi Joe Castro al Jazeera Washington
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