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US-China Trade War: A Summary (100 words)
Recent US tariffs, while lower than initially threatened, impact Brazil, India, Switzerland, and the EU. However, Trump’s provisions exempt roughly $1 trillion in imports, especially benefiting technology companies like Apple and Samsung who rely on duty-free components.
While US trade deficit with China has decreased,experts believe the tariffs are backfiring. Countries are increasingly viewing China as a more stable trade partner, potentially increasing Chinese exports. Higher production costs and a opposed US trade policy are also hindering American exports, with boycotts emerging in countries like Canada and India. Ultimately, some economists, like Lawrence Summers, believe China stands to gain the most.
