China Promises Retaliation To New US Tariffs as Trade War Causing Global GDP Billions

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Beijing: The countdown for a new round of US tariffs against Chinese goods is worrying economists and central banks around the world as China has promised to retaliate if the duty are enacted.

 

The Chinese government issued an official statement that it would have no choice but to fight back against another round of US tariffs intended to bully the Chinese government into making trade concession with the US.

“If the US stubbornly choose to go its own way, China has no choice but to take necessary retaliatory measures,” said Ministry of Commerce Spokesman Gao Feng to the media in Beijing on Thursday.

“The US should change its wrong actions,” he added.

Earlier this month, US President Donald Trump announced that another round of Chinese goods valued at $300 billion would be subject tariff increases on September 1.

Trump later modified his statement and said goods like smartphones and video game consoles will not be included in the September list as not to disrupt the US holiday shopping season — the most important period of the year for US retailers — but will be added back to the list on December 15.

 

The uncertainty caused by the US-China trade war is costing the global economy billions. A recent Bloomberg report estimated the global economy will lose nearly $585 billion in value in 2021 due to the ramifications of the ongoing trade war.

In fact, a new report by Tourism Economics estimated the trade war will slam the US tourism sector with $11 billion in loss revenue as an estimated 2 million Chinese will forego coming to the US to the end of 2020.

Chinese tourists are the top spending nationality out of all the tourists that visit the US, according to the report. An average Chinese tourist spends nearly $6,000 per a trip to the US.

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