An American Congressman has pointed out, while speaking at a Congressional hearing, that the retaliatory tariffs of the powerful Asian economies such as China and India have badly affected the agricultural sector of the United States.
Earlier, the United States, under the influence of Republican President Donald Trump, imposed a tough import tariff on some goods such as steel which the Asian countries such as China regularly exports to the world’s largest economy.
China is the first Asian country to respond the US’ tariff with an equally damaging retaliatory tariff. It is the agricultural sector of the United States which has suffered the ire of the world’s second largest economy the most.
At this moment, it is not clear whether the United States would scrap their new economic policies to win back the confidence of their trade partners.
It is said that the European Union is also unhappy with the United States and they would also impose similar tough tariffs against the world’s largest economy in the near future.
There are assumptions that the Republican president with the protectionist economic policies attempts to appease his vote base he managed to amass in his home country during the last presidential election.
Vignesh. S. G
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