The United States began collecting higher, 25% tariffs on many Chinese goods arriving in US seaports on Saturday morning in an intensification of the trade war between the world’s two largest economies and drawing retaliation from Beijing.
China on Saturday increased tariffs on billions worth of US goods as it prepares to unveil a blacklist of “unreliable” foreign companies that analysts say aims to punish US and foreign firms cutting off supplies to telecoms giant Huawei.
Washington will impose a five per cent tariff on all goods from Mexico — increasing to as much as 25 per cent — until “illegal migrants” stop coming through the country into the US, President Donald Trump said on Thursday.
Global stock markets shed over $2 trillion in value in May as the US-China trade conflict escalated, with fears of a trade-related economic slowdown intensifying on Friday after US President Donald Trump threatened Mexico with tariffs.
Mexico scrambled on Thursday to slow the flow of Central American migrants to the United States as talks continued in Washington to head off President Donald Trump’s threat of potentially catastrophic tariffs on Mexican goods.
The United States and Mexico reached an 11th-hour deal late on Friday to crack down on migration from Central America, with President Donald Trump relenting on threats to slap
A host of US consumer companies have warned that costs related to tariffs on goods imported from China would weigh on their results. The United States increased tariffs on $200 billion worth of Chinese goods to 25% from 10% in May.
World shares rallied on Tuesday to hold near one-month highs, with German carmakers outperforming and Wall Street looking to extend gains after the United States stepped back from imposing tariffs on Mexico.
The White House said on Friday that President Donald Trump is delaying a decision by up to six months on whether to impose tariffs on imported cars and parts to allow for more time for trade talks with the European Union and Japan.