US President Donald Trump is obstinate on policy to execute the heavy import duty on the products of China. However, it results in sudden retaliation from China and downslide in the American stock market afraid of the US-China trade war.
Trump informs reporters at the Oval Office of White House that claims that there is some retaliation and not important on the comparison.
However, Trump is increasing the import duty on the products of China worth USD 250 Bn from almost 10%-30%.
Although, Trump is starting the procedure of the same rise on the enduring Chinese imports of around USD 350 Bn.
Trump claims that on billions of dollars, a small portion will be given to farmers as China will react against farmers.
Trump indicates that he is not going back if China agrees to the trade agreement. Later, Trump gives a hint that things will get clear as soon as possible. On gathering diplomats from the Islamic world and eminent Muslim Trump claims that he will inform people quickly about success.
Trump informs reporters that on the agreement of the policy, manufacturers and farmers will be happy. He declares that the government is happy to take billions of dollars.
US-China trade tension
However, there was a fright reaction by the market as the outcome of US-China trade tension. In New York, the Dow Jones Industrial Average is decreasing by 500 points and S&P 500 reduces 70 points. In the same way, Nasdaq Composite decreases 270 points, is worst.
Wall Street Journal reports that analysts and investors show the breakdown of trade talk’s threats damages the confidence of the consumer. However, the capable folding spending at the time when growth is expecting to be moderate.
Senator Joni Ernest claims that Americans are unhappy about the way of doing business. And identifies that Trump brings China to the exchanging table.
Senator Joni Ernest mentions the need for a deal. Whereas China should stop the procedure of hampering and rational trade partners.
Although, Democratic Senator Richard Blumenthal suspects that Trump is staking the farm on a deep hazardous trade war.
Senator Joni Ernest warns on being tough on China, where an absence of any strategy, conflict, and chaos is rolling the market. However, the economy will sense the brunt and expensive burden.