1 week Ago By Kandy Wong,Ralph Jennings
While US President Donald Trump’s Wednesday announcement of a 90-day pause on the punitive levies he had aimed at most other nations is a “a tactical retreat”, analysts said, “no one should relax” as this does not augur any shift in his overall objectives. “When the dust settles, we’ll be in a much higher tariff world than we were when Trump walked into office,” he said. “This is a scary moment.
You’re also talking about the supply chain completely out of whack now in the coming weeks and months,” said Victor Gao, vice-president of the Beijing-based think tank Centre for China and Globalisation. “It will cause a lot of pain not only to China and the US, but to other countries.” A report by ING noted the current tariffs on Chinese products could provide tax revenue of US$835 billion, calling the current situation “not only chaotic, [but] crazy.
” However, the financial services firm added that figure would drop to zero if “China simply stops exporting” the way several European companies had already announced..
