In response to the White House suggesting tariffs on Chinese exports could reach 245 percent, China's Ministry of Foreign Affairs has ridiculed these claims as insignificant. The tariffs are a part of an ongoing trade dispute, with the US imposing several tariff rates to combat what it sees as unfair practices, particularly concerning fentanyl. Economists caution that these escalated tariffs could lead to a halt in trade between the two nations and reduces global trade growth expectations significantly, as outlined by both the WTO and UNCTAD forecasts for the future.
China's Ministry of Foreign Affairs dismissed President Trump's proposed tariffs, stating they consider such tariffs a mere 'numbers game' with no real economic impact.
The White House's fact sheet included proposed tariffs up to 245 percent, aiming to address Beijing's alleged lax controls on fentanyl exports to the US.
Economists warn that Trump's tariffs could severely halt US-China trade, driven by inflated costs, threatening to decrease global trade volume significantly.
The WTO predicts a 0.2 percent decline in global trade by 2025 due to Trump's tariffs, with a potential drop of 1.5 percent affecting developing economies.
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