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The sums involved are becoming more and more important. At the moment, punitive tariffs have come into force, with which the US and China are hedging each other, such as threatening US President Donald Trump with the next charges. This time, it is said that they hit Chinese products worth $ 500 billion: these are all Chinese products shipped to the United States each year. Prime Minister Xi Jinping on Friday spoke of the "World's Largest Trade War in World History", trumped by Trump. Xi warned that triggered such a conflict, damage and others.
What he means by this is shown by China's recent punitive tariffs against the United States. They received $ 34 billion worth of property. Especially on agricultural products, new taxes are due, such as soy, pork and seafood. This puts a strain on Midwestern farmers and fishermen on the east coast of the United States, for whom China is an important sales market. The US president can hardly impress him. He accuses the Chinese of being a technology thief and would also block their own industries with unfair subsidies. Trump is bothered by the high surplus of Chinese exports, which sell a lot more products in the United States than the other way around. Meanwhile, however, support for Trump is also disappearing among US companies. Punitive tariffs are "counterproductive," says William Zarit, president of the American Chamber of Commerce (AmCham) in China. "There are no winners in a trade war."
China's punitive tariffs would also hit German carmakers
This dispute has long since ceased to be a problem for China and the United States. Other trading partners – especially Germany – are caught between the fronts. "We are very concerned about the escalation between the two largest economies in the world," said German Foreign Trade President Holger Bingmann. In particular, car manufacturers fear the consequences. Although punitive tariffs already imposed are limited to agricultural and technological products. In a second time, China wants to impose a penalty on American cars. This would also hit German car manufacturers who manufacture cars for the Chinese market in the United States. That's why Daimler has already reduced its forecasts. Mercedes is worried about getting rid of less SUVs. And BMW plans to build its X3 partly in China instead of the United States.
"The probability is that everyone suffers, and we should avoid that," said Federal Finance Minister Olaf Scholz (SPD). Europeans have imposed penalties on motorcycles, jeans and whiskey from the United States to counter US tariffs on steel and aluminum. The Federal Finance Ministry estimates that Germany alone will receive 5.5 billion euros this year. Nevertheless, the Federal Republic of Germany does not benefit, argues Scholz. Increasing tariff barriers will slow down economic growth and ultimately reduce revenues elsewhere.
That's why the federal government is looking for ways to get out of the trade conflict. Trump threatens to impose tariffs on EU cars – but his ambbadador in Berlin can also imagine that tariffs on both sides will be reduced to zero. However, because a bilateral solution with the United States would violate the rules of the World Trade Organization, Chancellor Angela Merkel (CDU) also wants to speak with other states. It was ready for negotiations "on tariffs in the automotive sector with several states, not just with the United States," said his spokesman.
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