ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The US imposed tariffs on Chinese goods.
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China imposed tariffs on US goods.
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Either A or B
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None of the above
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Detailed explanation-1: -In January 2018, U.S. President Donald Trump began setting tariffs and other trade barriers on China with the goal of forcing it to make changes to what the U.S. says are longstanding unfair trade practices and intellectual property theft.
Detailed explanation-2: -Trump said the tariffs would be imposed due to Chinese theft of U.S intellectual property. Trump said his planned tariffs on Chinese imports would make the United States “a much stronger, much richer nation". However, the steps toward imposing the tariffs led to increased concerns of a global trade war.
Detailed explanation-3: -Tariffs generally raise consumer prices, decrease imports, and cause the recipient country to retaliate against the trade partner implementing the tariffs.
Detailed explanation-4: -As expected, the trade war has had the largest impact on imports from China of products hit with the highest US tariffs. US imports from China of goods currently facing a 25 percent duty (Lists 1, 2, and 3) remain 22 percent below pre-trade war levels (figure 2).