In this file photo taken on June 20, 2018, shipping containers sit on the the Hong Kong-based CSCL East China Sea container ship at the Port of Oakland on June 20, 2018, in Oakland, California. Steep US tariffs on Chinese goods worth tens of billions of dollars took effect at midnight on July 5, 2018, as US President Donald Trump fires the first salvo in a trade war between the world’s top two economies. Beijing has vowed to retaliate dollar-for-dollar, “immediately” imposing counter-tariffs on US exports in tit-for-tat measures, with experts warning the burgeoning conflict will send shockwaves around the global economy and strike at the heart of the world trading system. AFP
WASHINGTON, United States — The trade war that erupted Friday between the U.S. and China carries a major risk of escalation that could weaken investment, depress spending, unsettle financial markets and slow the global economy.
The opening shots were fired just after midnight, when the Trump administration imposed a 25 percent tariff on $34 billion of imports from China, and Beijing promptly retaliated with duties on an equal amount of American products. It accused the U.S. of igniting “the biggest trade war in economic history.”
Because of this first round of hostilities, American businesses and, ultimately, consumers could end up paying more for such Chinese-made products as construction equipment and other machinery. And American suppliers of soybeans, pork and whiskey could lose their competitive edge in China.

bin picking