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The US is losing the trade war with China and Trump is showing his frustration

The US economy on the brink of recession

It appears the US is suffering deeply economically from the ongoing trade war with China. Last July, US President Donald Trump followed through on months of threats to impose sweeping tariffs on China for its alleged unfair trade practices. So far, the US has already slapped tariffs on US$250 billion worth of Chinese products and has threatened tariffs on US$325 billion more. China, for its part, did not back down, and has set tariffs on US$110 billion worth of US goods, and is threatening qualitative measures that would affect US businesses operating in China. With neither Trump nor Chinese President Xi Jinping willing to back down, US-China trade tensions have become a full-blown trade war. The latest escalation of the trade war is going to put the U.S. economy on the brink of a recession, according to Wall Street. Swiss bank UBS said Tuesday that it sees U.S. gross domestic product growth slipping to 1.8 percent in the fourth quarter before slowing to 0.5 percent in the first quarter of 2020 and 0.3 percent in the second quarter as the recent round of tariffs hits consumers’ wallets. “Consumption is almost 70 percent of the US economy, so its path largely determines the path of GDP,” UBS’ chief economist Seth Carpenter wrote. This is a worrying development for the US, that should lead t oTrump reconsidering his plan.

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