The US senate could vote by 85 to 15 to let President Donald Trump slap a 500% tariff on China in retaliation for the Sino-Russian energy trade.
Does it mean the US-China trade war will escalate?
«I do not expect to see such a tariff in place,» Paul Goncharoff, financial analyst and general director of Goncharoff LLC tells Sputnik. «It would quite simply show clearly that the US is not a country that can or should be taken seriously in diplomatic or trade contexts.»
US Treasury Secretary Scott Bessent slammed China on Wednesday over its continued imports of Russian oil and hinted at new tariffs — if the European Union (EU) acts first.
«The same effect would be achieved by brashly declaring 250% or 7,000%—this is an attempt at what? Seeking ridicule? Then it has succeeded,» Goncharoff says.
How could the tariff backfire on the US?
US tariffs and restrictions are accelerating that shift, as the world increasingly sees the US, G7 and EU taking unilateral steps to stop the wheels of progress.
