US-China Trade Tensions Escalate Amid Tariff Disputes

The trade tensions between the US and China have reached a boiling point, with both nations imposing tariffs on each other's goods. The situation has been ongoing since 2024, with the US demanding greater access to China's markets and reform of the business playing field. In response, China agreed to import $200 billion worth of US goods, including $32 billion in farm products and seafood. However, China has only bought 58% of the US exports it had committed to purchase under the agreement. The US has maintained its tariff increases, with President Trump's successor Joe Biden taking a more targeted approach. China has vowed to take its case against the tariffs to the World Trade Organisation (WTO) and has threatened to impose 'corresponding countermeasures' to safeguard its own rights and interests. The trade imbalance between the two countries has also been a major point of contention, with the US demanding that China reduce its trade deficit. The situation has significant implications for the global economy, with trade between the two countries totalling over $530 billion in the first 11 months of 2024.