The trade conflict between the U.S. and China intensifies, creating global uncertainty. Tensions rise as neither nation seems willing to communicate, with the U.S. demanding a deal while China insists on equality and respect.
Confusion arose after the White House released a factsheet indicating tariffs of up to 245% on Chinese goods. This announcement contradicted previous figures, leading to questions from journalists and accusations of "extreme pressure" from China's Foreign Minister Lin Jian.
The 245% tariff figure includes tariffs from both the Trump and Biden administrations. These tariffs cover various products, including needles, lithium-ion batteries, semiconductors, and electric cars. Trump added tariffs on aluminum, steel, and auto imports, plus a 145% tariff on all Chinese goods.
The complex system, with exceptions for goods like smartphones, requires individual product calculation. The WTO forecasts that global trade volume could decrease by at least 0.2% by 2025, potentially up to 1.5%. This decline is attributed to the ongoing trade tensions and tariff disputes.
The WTO emphasizes the unprecedented nature of the current trade policy changes. They noted the challenge in forecasting economic impacts due to the lack of comparable events in recent history. The situation remains fluid, with significant potential to further disrupt global trade.