The prices in China on American products have now increased to 125% while the trade war degenerates between the United States and China without any slowdown. This occurs shortly after President Trump increased rights to Chinese imports to 145%.
In particular, the announcement also included that if the United States continues to impose prices on Chinese goods exported to the United States, China will ignore it. In particular, this increase comes after China, with the second economy and the American import source, faces the continuous pressure of the White House.
“The abnormally high prices imposed by the United States seriously violate the rules of international and economic trade, basic economic laws and common sense and is completely unilateral intimidation and coercion“, Noted the pricing committee of the Beijing State Council in a statement shared by the Ministry of Finance. The new sample comes into force on Saturday.
This occurs a few hours after President Xi Jinping asked the European Union to team up with China to combat unilateral intimidation. “China and Europe should fulfill their international responsibilities … and to resist unilateral intimidation practices,” he said.
Meanwhile, German Minister of Finance Joerg Kukies says that the European Union is currently in good position to negotiate with the United States on prices, because there is still a lot of time to conclude an agreement. However, he warned that if the talks do not lead to a fair solution, the EU will have to consider other response options.
Markets find it difficult to stand up
Cryptocurrencies’ prices decreased on Friday as the global markets were quickly reacting to renewed trade tensions between the United States and China. Bitcoin is currently negotiated at $ 81,537, without change per day, while Ethereum is down more than 2% to $ 1,549.
US stock contracts are swaying wildly after China has announced a steep price hike. Dow future, briefly up 400 points, fluctuates now, while future S&P 500 and Nasdaq also find it difficult to remain positive.
