This Australian socialist not only announces the launch of the US trade war against China, but explains some of the major economic impacts this will have on Western companies doing business with China, and in China. Where this war will end is generating much controversy worldwide. I guess we should be grateful that it is an economic war and not a nuclear war. However, there will likely be serious adverse consequences for ordinary people throughout the globe. Could this be a last desperate act to maintain the US Empire's hegemony over the rest of the world? Stay tuned and informed by using independent honest and reliable sources.
The Trump administration has gone ahead with its threat to impose tariffs on China under section 301 of the 1974 US Trade Act, imposing levies on $34 billion worth of Chinese goods from midnight, with a further $16 billion to be targeted in the near future.
The action is the first shot in a direct trade war against China, with President Donald Trump telling reporters yesterday that more is to come.
Pointing to the inevitability of escalation, Robert Holleyman, former deputy US trade representative in the Obama administration, said: “Once these tariffs start going into effect, it’s pretty clear the conflict is real. If we don’t find an exit ramp, this will accelerate like a snowball going down a hill.”