(ClipartKorea)
China strongly opposes the US government’s plan to increase tariffs on Chinese products, escalating tensions between the two countries. Chinese Foreign Minister Wang Yi criticized the US for imposing sanctions and tariffs, calling it “hegemonism and bullying.” The US action, invoking Section 301 to raise tariffs on Chinese goods like electric vehicles and semiconductors, has prompted China to revise its Tariff Law and prepare for retaliatory measures.
The US-China trade conflict is expected to worsen, with implications for global markets. China’s retaliation could include selling off US Treasury bonds, disrupting financial stability. South Korea, with an export-driven economy, faces challenges and opportunities due to the trade tensions. Experts emphasize the need for comprehensive strategic responses to navigate the evolving trade landscape.
As trade policies shift, Korean companies must adapt to new challenges. The US-China rivalry underscores the importance of long-term planning and adaptation to emerging trade dynamics. Strategic responses and diplomatic initiatives will be crucial in navigating the global trade environment effectively.
By Jun Seul-gi, staff reporter
Please direct questions or comments to [english@hani.co.kr]