The European Union has turned down China’s proposal of co-operation against escalating US trade tariffs on European and Chinese goods in what will be one of the biggest mistakes of the Union.
Tagged: Global Economy
China’s commerce ministry says the country has no choice but to fight back after the US “launched the largest trade war in economic history,” as Washington’s 25 percent tariffs on various Chinese imports go into effect.
“On July 6, the US began to impose 25 percent tariffs on $34 billion worth of Chinese imports. The US has breached WTO trade rules and launched the largest trade war in economic history to date,” the ministry’s statement read.
Japan and Britain have responded in completely different ways to the China-led initiative to create the Asian Infrastructure Investment Bank (AIIB), which the United States has opted not to join. In a rebuff to the U.S., Britain was the first...
Strictly speaking, the Asian Infrastructure Investment Bank doesn’t even exist yet. But the Chinese-created alternative to the World Bank and International Monetary Fund is turning out to be extremely important. More than 40 countries have applied to join, almost all of them close U.S. allies