08:32 GMT25 January 2020
Listen Live
    US
    Get short URL
    161
    Subscribe

    WASHINGTON (Sputnik) – The trade war between the United States and China has hurt both sides and decreased US imports from Beijing by $35 billion over the first half of this year, the UN Conference on Trade and Development (UNCTAD) said in a report.

    "The analysis shows that US tariffs caused a 25% export loss, inflicting a US$35 billion blow to Chinese exports in the US market for tariffed goods in the first half of 2019", a press release accompanying the report said on Tuesday.

    US tariffs on China are hurting both countries economies' and US losses are largely related to higher prices for consumers, the UNCTAD report warned.

    Taiwan was the largest beneficiary of the trade diversion of US tariffs on China, accounting for additional exports to the United States of almost $4.2 billion in the first half of 2019, the report said.

    Mexico’s increase in exports to the United States due to the new tariffs on China are said to be about $3.5 billion, mostly in the agricultural, transport equipment, and electrical machinery sectors, UNCTAD added.

    Related:

    Mere Luck? Shady Traders Made a Fortune Off Suspicious Bets in Trump-China Trade War – Report
    Publisher of Harry Potter Series Becomes Casualty in US-China Trade War
    Major Reason for China's Slowdown is Tardy Pace of Reforms, Not Trump's Trade War – Scholar
    No Limit: Huawei Sales See Strong Growth, Larger Global 5G Client Base Despite US Trade War on China
    Tags:
    UN, Beijing, Washington DC, China, trade war, Trump
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik