Over the past years, two of the world’s largest economies have been imposing tariffs on each other’s goods costing both economies billions of dollars. The US-China Trade War started when US President Donald Trump accused China of imbalanced trade practices and intellectual property thievery. China’s point of view on the other hand is that the US is blocking its rise .
According to Reuters, since March 2018, the United States has imposed tariffs of at least $550B worth of Chinese products, including washing machines, solar panels, steels, etc. China retaliated by imposing tariffs of $185B worth on US goods and agriculture products. On October 1, US released a new set of products that will be subjected to additional tariffs amounting to $200B.
Since the trade war, exports to the US from emerging Asian markets increased. This only show that a huge trade diversion creates winners and losers as the war continuously reshape global supply chains.
In line with this, the American Chamber of Commerce’s Trade and Investment Committee will hold a Committee meeting with the theme: “Probing the US-China Trade War: Who is Winning?” on 25 October 2019, 12NN to 2PM at the American Chamber Hall, Makati City.
The committee meeting intends to provide a platform for both the public and private sectors to exchange ideas and collaborate in order to harness opportunities brought by the ongoing trade war. The meeting will also set a dialogue between key stakeholders to come up with solutions on how we can protect the Philippine market should the trade war continue.