China exports just 1.1% of its steel to the US, and so the tariffs were considered unlikely to do serious damage to Chinese businesses. What's more immediate for a trade war, Edwards said, is retaliatory action against China by the US for alleged intellectual property theft. The Nikkei Asian Review reported Wednesday that the US was set to impose tariffs on $60 billion worth of Chinese products as punishment.
Ok, this is a bear saying the trade war will break the global back. But the global economy is much better without bogus American patents.
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