The trade war between the U.S. and China has escalated to a 17-month long conflict and has brought a global slowdown. But it has its benefits too.
Tariffs imposed on imports from China into the U.S. have brought huge revenue to the U.S. The Trump administration has reported a whopping $7.2 Billion in revenue through import tariffs.
Income through tariffs imposed on China has increased by $1 Billion from last year, according to reports released on Monday.
The tariff war has hurt the two large economies and has battered the financial markets and brought havoc on the supply chain of global businesses since 2018.
Fresh tariffs are scheduled for Sunday, Dec 28 on the remaining imports, but it remains to be seen if the tariffs are imposed, delayed, or called off. If the Phase One deal comes to a conclusive agreement, fresh tariffs may be delayed or called off.
However, the trade war has brought in a huge decline in the manufacturing sector. Retaliatory tariffs from China have hit the U.S. manufacturing industry.
The agricultural sector has been the worst hit. China imports meat, beef, soybeans, and corn from the U.S. But the tariffs have stopped agricultural export to the U.S. Agricultural tariffs on U.S. exports were at $12 Billion in 2018, but have increased by $1.3 Billion in the month of October.
However, President Trump has sorted the farmers’ woes by bringing in a bailout of $28 Billion to the U.S. farmers. The Department of Agriculture says that government subsidies will contribute to a third of the farmers’ income, this year.
The U.S. has asked China to step up its agricultural purchases from China. China has asked the U.S. to roll back some tariffs for the purchase of agricultural produce. It is expected that the U.S. may delay the additional tariffs to be imposed on Chinese goods until this negotiation takes place.
Gary has a total experience of 6 years in the field of Technology. He has completed Engineering Degree and is actively involved in the writing field from the last 5 years. He works as the Contributing Author at Market Research 24’s Technology section and believes that a writer is not just a wordsmith and one should enter into the field of writing only if they have a passion to write. With a combination of stronghold on the writing field and giant experience, he easily carries out all the activities skillfully. At the same time, he always gives first preference to the work satisfaction and sees that all team members give 100% to their work.