war: Soon after the tariffs went into effect, China issued a 36,000-word white paper accusing the US of economic hegemony that threatens the global multilateral trading system as well as Sino-US ties, according to Xinhua, according to The Guardian. Q&A What is the US-China trade war about Show Hide Even while running for president, Donald Trump waged a war of words against China, promising punitive import tariffs to bring back jobs to America. US tariffs on 200bn worth of Chinese goods and retaliatory tariffs by Beijing on 60bn worth of US products took effect at 0400 GMT. The two countries already exchanged tariffs on 50bn worth of each other's goods earlier this year. The president believes slapping import tariffs on Chinese goods will raise their price versus American equivalents, giving US companies the edge when selling products to domestic consumers. The danger is import tariffs drive up the price of goods for consumers and trigger an economic slowdown.US Census Bureau figures show that US imports from China exceeded exports going the other way by 376bn last year. The hope is businesses will hire more workers, as domestic manufacturing becomes more competitive against foreign competition.
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