Yesterday China decided to raise tariffs on American goods worth USD 60 billion on 1 June, in response to Friday’s decision from the US to raise tariffs on goods to a value of USD 200 billion.
The escalating trade war was expected but stock exchanges fell in both the US and Europe.
Frédéric Cho, expert on China previously linked to Handelsbanken, says, “As the Swedish economy is dependent on foreign trade and investment, obstacles to trade are a negative thing. This leads to growing uncertainty and a greater risk, which makes business more expensive.”
He also told SvD that the trade war is an expression of a greater tension between the two countries, not limited to trade and that the “current number one in the world, does not want to be overtaken by perhaps a future number one”.
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