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(L-R) EU Council President Donald Tusk, Italian Prime Minister Giuseppe Conte, Japanese Prime Minister Shinzo Abe, U.S. President Donald Trump, French President Emmanuel Macron, German Chancellor Angela Merkel, Canadian Prime Minister Justin Trudeau attend a work session during the G7 summit in Biarritz, France on Aug. 26, 2019. Ian Langsdon/Pool via Reuters
U.S. President Donald Trump announced on Twitter on Aug. 23 a new round of tariffs on $550 billion worth of Chinese goods, and has told U.S. companies to move their operations out of China.
China expert Frank Xie believes that when the trade war has escalated to that level, it will bring devastating consequences to China’s economy, while not having a major impact on the United States.
