USA and China put pressure on world economy

USA and China put pressure on world economy

The President of the United States announced yesterday, Friday, an increase in customs duties for Chinese products from 10% to 15%, and that those currently taxed at 25% will rise to 30% in October.

The decision comes the same day China announced a 75 billion US$ tariff increase for US products, and when the New York Stock Exchange fell more about 3%.

As of September 1st, products coming from China, which were taxed at 10%, will have a customs duty of 15%, while others, which are currently taxed at 25%, will have a tax of 30% as of October 1st, impacting around 550 million dollars in sales, Trump reported through his personal account on the Twitter social network.

According to experts, these measures and countermeasures further accentuate the trade war between the United States and China, which threatens to push the world economy into a recession.

In June, Donald Trump and the Chinese President Xi Jinping agreed to go back to negotiations, but the talks that took place in July in Shanghai ended without any indication of progress.

Negotiators spoke over the phone this month and are due to meet in Washington in September, according to the North American news agency Associated Press (AP).