Author: Unknown
Published on: 22/01/2025 | 00:00:00
AI Summary:
Trump said on Tuesday he was considering imposing a 10 percent tariff on imports from China. It was Trump’s latest trade threat against China, the world’s second-largest economy after the US, and Washington’s biggest geopolitical rival. Trump threatened to impose 60 percent tariffs on Chinese goods, intensifying an ongoing trade war. In the first 11 months of 2024, Chinese exports to the US totalled about $401bn, while China imported approximately $131bn in goods from the US. As Trump’s inauguration approached, US companies ramped up their purchase of Chinese goods to stock up before the import costs shot up. Total exports for 2024 reached $3.58 trillion, a 5.9 percent increase from 2023. China’s trade surplus soared to a record-breaking $992bn in 2024. There could be more bad news for the US. China lost its position as the top trade partner of the US to Mexico in 2019, three years after Trump was voted in as president in 2016. As of November 2024, the top trading partners were Mexico, with $69.1bn worth of total trade that month. Canada, with $61.8bn of total trading; and China, with $50.5bn in total trade. The US gross domestic product (GDP) as of 2023 was $27.36 trillion, according to World Bank data. Out of the 26 executive orders Trump signed on his inauguration day, one delays enforcement of a ban on the popular short-video app TikTok by 75 days. Trump has threatened to impose tariffs on China if it does not approve a potential US deal with Tiktok. Trump’s tariff policy would boost inflation and shrink the economy, but there are caveats. CBO report projected a 1 percentage point rise in inflation by 2026, potentially costing American families an average of $1,560 per year.
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