Trump and Xi are currently having their trade war, started by President Trump on July 6, where tariffs of 25 percent on $34 billion of Chinese imports took effect. Xi responded with duties on the same value of US imports, ranging from soybeans to cars, and has vowed to respond proportionately to any new US tariffs.
Read more about their trade war here: https://steemit.com/politics/@junhyungkim/china-trade-surplus-with-us-hits-historic-high-midst-biggest-trade-war-ever
Dongming Petrochemical, an independent Chinese refiner, who employs nearly 6,300 employees, with total assets of 30 billion yuan ($4.5 billion) and the primary processing capacity is 15 million tons per year, has stopped importing US crude and is buying oil from Iran.
While Trump said the US could impose tariffs on more than $500 billion worth of Chinese goods, and his administration has prepared a new $200 billion list of Chinese products that could be levied with 10-percent tariffs, Xi has promised to neutralise all US's "aggression".
It will be interesting to see how the biggest trade war in history will end. This is a truly unprecedented event, and as more and more conflicts arise, I wonder how the events will unfold.
Personally, I see a huge conflict occurring in the world soon. We are already going through a chain of events that cannot be reverse or salvaged. What do you guys think?
Read more about the article: https://www.rt.com/business/433317-china-iran-crude-dedollarization/
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