NEW DELHI: Trade between the US and China has caused huge losses to China. The Chinese economy has been hit by a severe recession due to this war. US President Donald Trump has given no indication of a change in the tough stance against China. The International Monetary Fund has also confirmed the key to the Chinese economy. The IMF said that if Trump raises tariffs further, China's GDP could see a sharp drop.
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At the same time, the IMF has lowered China's economic growth forecast for this year to 6.2 %. Donald Trump, on the other hand, is not in a mood to relieve China from the tariff burden. On Saturday, Trump said China's economy is currently undergoing the worst of decades. Trump also said that China wants to trade. However, Trump also said he was not ready for a trade deal.
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The IMF report predicts China's economic growth rate for this year and is expected to decline. That's because the report was prepared before Trump announced a 10% additional tariff on China's $300 billion products. Moreover, if there is an additional tariff of 25 per cent on the rest of China's imports, it may be further reduced. The IMF has also said that China's economic growth will continue to shrink as the trade war grows. This trade war is bound to have a global impact.