#Tariff wars

.Beijing, China
Xiaomi overtook Apple last year to become the world's third-largest smartphone manufacturer (Photo Credit: Twitter @Xiaomi)

  • Pentagon classified Xiaomi as a "Communist Chinese military company"
  • The blacklisting prohibited US investors from purchasing the company's securities 
  • The compnay's stock took a hit of 10% after the blacklisting

.Washington D.C., DC, USA
Janet Yellen was the 15th chair of the Federal Reserve from 2014 to 2018 (Picture Credits: Twitter @JanetYellen)

  • Yellen said China is responsible for undercutting American companies 
  • She also critisised China's strategy of reporting a lower value of their currency 
  • Yellen also emphasised on cooperation with OECD for digital tax negotiations 

.Washington D.C., DC, USA
The tariffs were confirmed by the Trump administration on New Year's Eve. (Photo Credit: AP/PTI)

  • European wines, cheeses and olive oils have been subjected to 25-percent import duties in the US 
  • Europe has hit products from American orange juice to ketchup with its own measures
  • AFrench exporters' association, has estimated that the wine and spirit sector could lose over 1 billion euros

.Washington D.C., DC, USA
Robert Lighthizer gave the statement in an interview with the Wall Street Journal (Photo Credits: File/AFP)

  • Lighthizer said he fears the US will return the 1990s politics whic only focuses on dialogue
  • Due to the tariffs, the price of Chinese products increased in the US
  • Joe Biden said he does not plan to immediately change US trade policy with China

.Washington D.C., DC, USA
Robert Lighthizer said the French tax was targeting US companies. (Photo Credits: File/AFP)

  • The tariffs proposed by the US had a value of $1.3 billion 
  • This was in response to France imposing taxes on US based tech companies 
  • The negotiations are underway through the OECD

.Washington D.C., DC, USA
France and Germany to be hit by new tariffs by the United States. (Photo courtesy:Unsplash)

  • The tariffs are on "aircraft manufacturing parts from France and Germany among other things
  • The move is in retaliation to tariffs imposed by the European Union
  • The EU was authorized this year by the WTO to levy additional customs duties on American products

.Washington D.C., DC, USA
UK Prime Minister Boris Johnson has agreed on Sunday deadline to iron over Brexit disputes with the EU. (Photo credit: AP/PTI)

  • US trade body said the UK cannot continue tariff war on its own, began when it was part of the EU
  • The US last year imposed 25 percent tariffs on certain goods from Europe, which was reciprocated with a similar move by the EU
  • The UK is set to leave the European Union on December 31