Trump will pull the trigger in the tariff war at midnight

President Donald Trump is preparing to impose tariffs on Chinese goods just after midnight on Friday, the first shot of a trade war between the world's two largest economies.

The US $ 34,000 million tariff on Chinese products will come into effect at 00:01 am in the morning. in Washington, the US sales representative confirmed in an e-mail. The step marks a new and damaging phase in a conflict that has shaken markets and overshadowed global growth prospects.

In Beijing, lawmakers are preparing for what could be a long-term battle, in which They say that they will not be the aggressors. Beijing said retaliatory duties on US products, from soybeans to pork, will come into effect immediately after the United States. Law

Faced with the threat of further retaliation privileges between the United States. and in China, some investors fear that this week marks the beginning of a trade war that is spreading around the world. Trump has already imposed tariffs on imported steel, aluminum, solar panels and washing machines.

Imminent tariffs have also affected markets, prompting central bankers to rebadure investors. The European Union has taken a firm stance in the face of escalation, and the governor of the Bank of England, Mark Carney, said the increased protectionism would affect trade flows and increase business costs. ;import.

a summary of the main facts on China's position in the conflict:

What property will be affected?

On June 15, Trump says that the United States will begin to apply additional duties of 25 percent to Chinese imports worth US $ 50 billion in response to what he said. it claims to be a theft of American intellectual property. It is divided into two rounds: 34,000 million US dollars Friday and 16,000 million US dollars later

China said it will respond "on an equal scale, of equal intensity" [19659005] How will the rates be applied? ]

United States Customs Service and China will be responsible for collecting new tariffs when imports will pbad through the port of entry. When the products included in the list of additional levies will be declared to the customs, the importer will pay the additional taxes.

Are the markets ready?

Chinese stocks have been affected in recent years. The weeks of entering a bear market, because of the trade war, have been mixed with concerns about how the current debt control campaign will be reflected in the prospects for economic growth.

Banco Popular Party Leader China, Guo Shuqing, tried to calm the markets, saying bond market risks are controllable and the economy is able to withstand the impacts of trade frictions. The economic fundamentals mean that a sharp depreciation of the yuan is unlikely, he said in an interview with Financial News.

US Federal Reserve Chairman Jerome Powell said on June 20 that Start hearing that companies postpone investment and hiring because of uncertainty as to what go follow. "Changes in trade policy could make us question the prospects," he said at a panel in Portugal.

Shares of the United States. they were shaken by trade frictions, but the S & P 500 index remains virtually leveled since the beginning of the year

What can be the impact in the real world?

have an effect. As an example, Chinese companies are reselling US soybeans and Chinese companies are expected to cancel most of the remaining soybean orders that they have committed to buy in the United States. during the year ending August 31, once the additional privileges come into effect.

Some American companies are preparing for the impact. US manufacturers and business groups have said that tariffs could increase their costs and result in price increases for consumers.