The US currently imposes steep import taxes on Chinese-made goods, including tariffs of up to 60 percent. In this situation, Donald Trump has been elected as the president of the country, which is expected to increase in the future. However, despite these, China is ready to strengthen its economy. Although Trump can pour water on China's plan.
Chinese President Xi Jinping congratulated Trump after he was elected president. Along with that, the Chinese president also called for working together in the future. However, since the rivalry between the two countries has been going on for a long time, China is also making preparations.
Trump's victory is expected to derail Xi Jinping's plans to transform the country into a technology powerhouse. That could worsen relations between the world's two largest economies. Because the property slump, rising government debt, unemployment and the coronavirus pandemic have slowed China's growth. Which may increase now.
Because Trump imposed a 25 percent tariff on Chinese goods in his first term. Later that increased. China analyst Bill Bishop thinks he will do the same this time.
"We have to believe that when he (Trump) talks about tariffs, he sees China as rejecting his trade deal," he said. Because he thinks he had to lose the 2020 elections because of China and Covid.'
Recently China is turning to new economy to boost its economy. But the problem is the old problem Trump has been re-elected as the President of the United States.
As a result, even if China is currently focused on solar panels and electric vehicles and lithium ion batteries, Trump can stand in the way. Because just last month, the European Union raised tariffs on Chinese-made EVs to 45%. Which Trump can increase in the future.
