President Joe Biden on Wednesday will call on his trade representative to more than triple some tariffs on steel and aluminum products from China, as part of a series of moves meant to help cushion American manufacturers from a surge of low-cost imports.
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France will delay its tax on the digital business of big tech firms like Google and Faceook in exchange for the United States’s promise to hold off retaliatory sanctions – a deal that could avert a broader trade dispute.
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President Donald Trump was supposed to sign a partial trade deal with Chinese President Xi Jinping next week, but negotiations over the final text have reached a rough patch, according to people familiar with the matter.
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Global markets are climbing on optimism that a “phase one” US-China trade deal is within reach — and that a rollback of existing tariffs could be part of the package.
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China’s growth dropped to its lowest level in nearly three decades as the world’s second largest economy continues to feel the pain from its trade conflict with the United States.
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A tentative truce between the United States and China has raised hopes — yet again — that the two economic superpowers are inching toward a resolution to the trade war. But they still appear to be far from striking any sort of comprehensive trade deal.
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When China joined the World Trade Organization in 2001, the United States and its allies hoped that Beijing would adopt an increasingly liberal approach to its economy and financial markets, more closely mirroring its trading partners in the West. Political liberalization, it was assumed, would inevitably follow. It’s not happening.
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In the surest sign yet that the trade war is hurting the American economy, manufacturing activity contracted in September to a 10-year low.
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The trade war keeps weighing on American consumers. That’s a risk for the US economy, which is driven by consumer spending.
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