From socks and sneakers to washing machines and watches, countries across Asia are hoping the US tariff squeeze on China will presage a permanent shift in manufacturing patterns as big name brands dodge the trade war in cheaper locations to make their goods.
Washington and Beijing resumed their trade battle last month when trade talks in the US ended without a deal, with American negotiators accusing Chinese negotiators of reneging on previous commitments.The tit-for-tat tariff war has been upstaged in recent weeks by Washington’s move to blacklist Chinese tech giant Huawei over national security concerns, threatening the firm’s global ambitions.
In an opinion piece published by China’s state broadcaster Saturday, Chinese legal expert Kong Qingjiang said China’s entity list would mimic that of the US. China’s state-owned tabloid the Global Times said the new list would “work as deterrent forming a protective barrier around Chinese companies”. China responded by increasing tariffs five percent to 25 percent on 5,410 American products Saturday, worth $60 billion in trade.
Serious trade war,but why our Rand is affected by this hogwash?
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Oil rises on decline in US stocksConcern over the escalating US-China trade war caps gains
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