The US-China trade war affects the world economy not only in the short term but will likely last for many years.
On March 20 (US time), economic magazine The Wall Street Journal reported that a diplomatic delegation led by US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer will fly to Beijing to resume negotiations.
The US-China confrontation causes damage to the world economy
A week later, the Chinese delegation will also fly to Washington.
However, also on March 20, The Hill newspaper reported that President Donald Trump told reporters at the White House that he would continue to impose import tariffs on billions of dollars of Chinese goods to ensure Beijing
Up to now, although the US-China confrontation has only lasted less than two years, the damage it has caused to the world economy is not small.
After China, Europe is worried
In a report published in early March by the Organization for Economic Cooperation and Development (OECD) with 36 member countries, world economic growth has slowed significantly in the last two years.
Referring to the post-US-China trade war period, OECD also predicted that it is likely that US President Donald Trump will continue to impose new tariff barriers on imported US products, specifically
In addition, trade negotiations between the US and the European Union (EU) are also in the preparation stage, and the risk of developing into a further trade confrontation is very high if negotiations between the two sides occur.
“This will hit the EU hard, because auto exports account for nearly 1/10 of total products exported to the US.
Containers located at Deep Water port (Shanghai, China).
Many items suffered damage
First is soybeans.
Mr. Grant Kimberley, Director of the Iowa Soybean Market Development Association, said: `Until now, American farmers have not directly seen the consequences.
In interviews with CNN, some soybean farmers expressed hope that the trade war will end quickly so they can return to production as before.
In addition to soybeans, minerals are also affected.
In addition, Ms. Preston said that the impact of the confrontation between the two powers has caused investors to consider investing in rare minerals as a security solution.
Equally important is oil.
Therefore, if the US side intends to disrupt the seamlessness of this supply chain, Beijing will not leave it alone.
According to Vi Cuong
Ho Chi Minh City Law
