The ongoing trade conflict between the US and China is not about trade as such, but rather about technological supremacy in the 21st century, says the head of the Global Solutions Inttiative, Dennis Snower.
Although Washington postponed a new round of tariffs on Chinese exports, Beijing has targeted US cars, oil and food. President Donald Trump went on a Twitter tirade after the Chinese announcement.
It's not too late for US trading partners to decide which path to take: one based on retaliation leading to trade destruction, or a path where tariffs are reduced. The window to decide is closing, says Dennis Snower.
The European Union has slapped countervailing tariffs on imports of subsidized biodiesel from Indonesia. The southeast Asian country has threatened to retaliate but experts say counter tariffs could be self-destructive.
As the US accuses China of being a currency manipulator, Beijing calls such labeling unfair and "wayward unilateralism." With more escalation in the US-China trade spat expected, is a currency war unavoidable?
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