According to a statement released by the Chinese banking government on Saturday, Commerce Minister Wang Wentao warned that US tariffs had “inflict severe harm” on developing nations and could lead to a humanitarian crises.
In a visit, Wang told World Trade Organization Director-General Ngozi Okonjo-Iweala,” These US’repeated tariffs will seriously damage developing countries, particularly the least developed countries, and could even cause a humanitarian crisis.” He claimed that the US had caused “enormous uncertainty and instability” worldwide and that the US’s tax policies had also caused” chaos” there.
The business conflict between the country’s two largest economy is now dramatically escalating. Beijing announced on Friday that it would start imposing 125 percent tariffs on US products starting on Saturday, a step up from Washington’s 145 percentage import ban.
China claimed that US exports have become financially unviable despite the tit-for-tat increase, and that it might not pursue more retaliation. Additionally, it confirmed that it intends to lodge a complaint with the WTO regarding the most recent US methods.
Chinese officials criticized the Trump administration’s strategy as” a prank” and” a numbers game,” calling the aggressive price strategy “bribery” in a clearly worded speech.
The developments resulted in yet another wave of market turmoil, with US Treasury yields experiencing renewed pressure, world stock markets swinging quickly, and platinum prices soaring.
