The News
Chinese leader Xi Jinping will reportedly gather his top advisers to discuss injecting additional economic stimulus after Washington ramped up tariffs on China’s goods.
US President Donald Trump yesterday raised duties on China to 145%, focusing his trade war on Beijing, which today implemented its own 84% levy on American products. Trump had initially said the tariffs would be raised to 125%, but the White House on Thursday clarified that figure is on top of existing 20% duties from earlier this year, bringing the total rate to 145%.
The tariffs came as Chinese authorities said consumer prices fell for a second month, amplifying fears of deflation, while Goldman Sachs lowered its economic growth forecast to 4% this year, from 4.5% earlier.
As tensions with the US escalate, China has also let its tightly managed currency weaken, cut purchases of dollars, and warned citizens against travel to America. “Trust has gone,” one Beijing-based expert said.
