Only one week after Donald Trump announced new trade tariffs on imported aluminium and steel, the US president is reportedly set to sign them this afternoon. They'd take effect within a month.
The IMF has cut its global economic forecast for 2018 and 2019, citing above all rising import tariffs between the US and China. A fall in trade volumes and manufacturing orders could hit Germany particularly hard.
China's vast export engine unexpectedly accelerated in September, producing a record trade surplus with the United States that could worsen already strained relations between Beijing and Washington.
Amid intensifying trade friction between Washington and Beijing, a new round of US tariffs took effect on Monday, raising the stakes for both sides. China seems to have several tools up its sleeve to counter US tariffs.
Despite their repeated attempts, US retailers have so far been unable to veer President Trump away from imposing tariffs on imports from China. His latest tariffs, however, have the potential to hit American consumers.
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