Trade tension between America and China has increased again. This time the reason for controversy is the additional tariffs imposed by America on China. US President Donald Trump recently announced that 100% additional tariffs will be imposed on China from November 1. Earlier, America had imposed 30% tariff on goods imported from China. This means that China will face a total tariff burden of 130%.

American officials say that this step has been taken to protect America’s domestic industries from foreign competition and reduce the trade deficit. On the other hand, China has made it clear that it wants to resolve this issue through dialogue. The economies of both the countries are the largest in the world and the conflict between them also impacts the global markets.

Next conversation may take place next week

US Finance Minister Scott Besant has informed that talks will be held between America and China next week. In this meeting, Besant will personally meet China’s Deputy Prime Minister He Leifeng. The main objective of the meeting is to save both the countries from trade tension and the global economic loss caused by it.

Experts believe that this meeting will not be held only on the issue of tariff rates. In this, the long-running trade imbalance and economic cooperation issues between the two countries will also be discussed. If the meeting is positive, global markets may also get relief from it.

Impact of ever-increasing tariffs

The impact of the tariff war is not limited to America and China only. This also puts pressure on companies, investors and consumers of other countries. Products like electronics, technology and automobiles imported from China will become expensive. Due to increase in the prices of these products in America, consumers will also have to pay more.

China gave these indications

China has indicated that it is ready for talks. However, the stance of the Trump administration is still tough. Trump has consistently said that his primary goal is the protection of American industry and employment and for this he is ready to take any step.

International trade experts say that some agreements may be reached in next week’s meeting, but a complete solution is difficult at the moment. If the meeting is successful, then trade tension between America and China may reduce in the future.

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