Trade war 2.0 looms after US actions, testing China’s economic recovery

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US President Joe Biden calls for tripling tariffs on Chinese steel and aluminium to 22.5%. The US Trade Representative initiates a Section 301 investigation into China’s maritime, logistics, and shipbuilding sectors. China responds with strong protests and vows to take retaliatory measures. China's economy grows by 5.3% in the first quarter, driven by investment and net exports. However, growth in industrial output and retail sales falls short of expectations. China's trade outlook is overshadowed by trade tensions with the EU and the US over the question of overcapacity. China aims to keep growth at 5% in 2024. Concerns include property sector investment, unemployment rates, and industrial capacity utilization. Premier Li Qiang defends China's leading position in the new energy sector. China imposes anti-dumping penalties against US propanoic acid imports. The US trade moves come ahead of a visit by US Secretary of State Antony Blinken. The trade actions could disrupt global supply chains and impact China's economic recovery.

#UschinaRelations #TradeWar #Tariffs #EconomicGrowth #Investment #Exports #Overcapacity #PropertySector #Unemployment #IndustrialCapacity #NewEnergySector #AntidumpingPenalties #GlobalSupplyChains