Its been one and a half years since the starting of the trade war. The two of the world’s largest economies in terms of GDP are continuously increasing tariffs on each other. Both countries lost their key markets due to the increased tariffs.
The world is facing the heat of the ongoing trade war. As a result, the global economy is going through an economic slowdown.
A recent stat shows that the United States paid an extra 34 billion USD as tariffs due to the trade war. The trade war is damaging the American economy, major industry giants have already started job-cut to counter it.
The increased tariffs make small goods more expensive in the country.
In the month of August, the United States has paid an extra 6.5 billion USD as tariffs.
The trade war expected to intensify in the near future as both parties will increase the existing tariffs. The report revealed that the upcoming tariffs will be vast and anticipated to include thousands of products.
Though trade war has an adverse impact on the USA economy, Americans consider it a major victory over China. As a result, Trump will extensively use it in his next election campaign. So experts are predicting that the next tariffs hike will have a broad impact on the Chinese economy.
