IMF Warns of Consequences of Trade War between US and China
October 9 , 2018
The ongoing trade war between the world's top two economies – the US and China – might take a toll on them in the year 2019. The International Monetary Fund (IMF) has decreased the growth forecasts for the two economies in view of the tariffs they have imposed on each other. The situation is likely to escalate between the two. IMF also suggests that the tension between the two countries is also likely to harm the other nations.
The US has imposed tariffs on about half of the Chinese products it sells annually to it. China retorted back by levying taxes on the US goods which worth over $110 billion.