A crucial Pentagon report on the US defence industrial base and “supply chain resiliency” bluntly accuses China of “military expansion” and “a strategy of economic aggression,” mostly because Beijing is the only source for “a number of chemical products used in munitions and missiles.”
Tagged: Trade War
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.
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.
A year after an abrupt US withdrawal left a fledgling 12-nation Pacific trade pact for dead, the 11 remaining states will sign a re-vamped deal on Thursday (March 8) aimed at slashing tariffs.