USA China Trade War

• As per a notice posted to the Federal Register, USA would raise tariffs on $200 billion worth of Chinese imports from current 10% to 25%. The reason behind this is that, China had backtracked on almost all aspects of a draft trade agreement with the United States.
• China said that it is forced to retaliate.
• Moody’s: an all-out trade conflagration between the world’s two-largest economies risked tipping the U.S. economy into recession by the end of 2020 just as voters go to the polls in the U.S.

China vs USA

• China would raise tariffs on $60 billion in U.S. goods in retaliation for the U.S. decision to hike duties on Chinese goods. Beijing will increase tariffs on more than 5,000 products to as high as 25%. Duties on some other goods will increase to 20%.

S. blacklists China’s HUAWEI

• The Trump administration hit Chinese telecoms giant HUAWEI with severe sanctions and said it was adding HUAWEI Technologies Co Ltd and 70 affiliates to its “Entity List”.
• HUAWEI denies its products pose a security threat, said it was “ready and willing to engage with the U.S. government and come up with effective measures to ensure product security”.
• The United States has temporarily eased trade restrictions on China’s HUAWEI to minimize disruption for its customers. US alleges that the firm is involved I activities contrary to national security.
• The world’s largest telecoms equipment maker said meant little because it was already prepared for U.S. action.
• The two countries increased import tariffs on each other’s goods over the past two weeks.

Xi Jinping seeks global cooperation on technology

• China International Big Data Industry Expoheld in Guiyang Countries should cooperate in developing the Internet, big data and artificial
• China attaches great importance to the development of the big data industry and is willing to explore growth path with other nations for new technologies.
• The US government has announced a ban on exports from Huawei and barred the Chinese company from buying components from American firms.
• Shares of semiconductor and chip suppliers have plunged over the past month amid trade-war tensions.