US and China Trade War Escalates
The WTO will deal with the Sino-US trade conflict. Earlier the US put into force a new package of trade tariffs on the $16 billion of Chinese goods. The list of the Chinese export included 279 items that will be exposed to 25% trade tariffs. Beijing protested against this move and filed a complaint to the WTO. Chinese authorities also said they had to introduce mirror sanctions. The Chinese side imposed tariffs on American oil, metal products, cars, and medical equipment.
The news about the failed US-China talks pressed the Wall Street down. The Dow Jones index ended 0.30% lower, the S&P 500 was 0.17% down. NASDAQ lost 0.13% of its value.
Experts believe, the trade war won’t prevent the US economy from rising. However, the trade conflict reduces the global trade by at least 0.5%. The unsuccessful negotiations between Washington and Beijing led the Russian stock market to a considerable decrease. The same tendency was observed at European and US trade platforms.