Beijing has vowed to fight a trade war “to the end” against Trump, who remained defiant despite major US indexes tumbling again on Tuesday local time.
The US President believes his policy will revive America’s lost manufacturing base by forcing companies to relocate to the United States.
But many business experts and economists question how quickly – if ever – this can take place, warning of higher inflation as the tariffs raise prices.
Trump on Tuesday local time said the United States was “taking in almost US$2 billion a day [$3.61b]” from tariffs.
AdvertisementAdvertise with NZME.
He originally unveiled a 34% additional tariff on Chinese goods.
But after China countered…