Colombia in the midst of a trade war

Since last Friday, July 6, United States it has imposed a 25% duty on certain imports from China for a value equivalent to US $ 50,000 million.

The measure will be imposed in two phases: the first will be for products equivalent to US $ 34,000 million, while the following items will be allocated for US $ 16,000 million. US $.

This first batch of Washington tariffs for 818 categories of goods imported from China mainly includes components of the industrial and technological supply chain, but also targets several consumer goods, such as LED bulbs. and electronic cigarettes

Although the consequences for the global economy are still unknown, the additional costs of the trade war between the two and then for the experts will be paid by the final consumer.

In the case of Colombia, the sector that would be most affected would be the auto industry because vehicles from the United States would be more expensive because of the tariffs imposed on steel and to aluminum.

Danish, between January and May this year, 57.6% of Colombian exports corresponded to the category of fuels and extractive industries. While 19.8% were manufactured goods and 19.2% agri – food products, two of them were hit by international tariffs.

"A trade war leaves only losers at different levels, no one wins," said María Claudia Lacouture, executive director of the Colombo American Chamber of Commerce, AmCham Colombia.

Adds that "the tariff pressure between China and the United States will force the development of international trade and is a setback to work for free trade to which all countries have participated to facilitate business, to have clear rules and in the long run for business and the growth of the economy. "

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The Effects of the Trade War

Since last Friday, the threats of US President Donald Trump came into force and customs duties of 25% came into effect for goods imported from China for the same value, mainly in the technological and industrial sector.

2 Before the US measure, China gave an immediate response, although initially without the strength and clarity expected, and a few minutes after noon, the Chinese Ministry of Commerce issued a somewhat confusing statement stating that the country would be obliged to perform the "necessary counter-attacks".

3 Three hours after the United States will activate its tariff measures against China, (00:00 Washington hours and 12:00 in China), China's measures against the United States. they came into effect.

4 The members of the Federal Reserve have expressed concern about its impact and have even discussed the likelihood of a recession.

5 Last Friday, futures on Chinese soybeans fell by more than 2% before recovering most of the losses, due to uncertainty over China's introduction of tariffs. customs on a soybean list.

6 China has submitted to the World Trade Organization, WTO, a new official complaint against the United States after the entry into force of the tariff decision.