The ABC also reported that the US Senate passed the resolution on the grounds of national security and called for Trump to get approval from the US Congress when collecting tariffs. The report said that the resolution revealed that Trump’s tariff policy allowed US Senate members are very depressed.
Today, the Sino-US trade war has been rampant. Following the announcement by the Trump administration on July 6 that China will impose a 25% tariff on US$34 billion in exports to the United States, it will announce a loss of US$200 billion to China on July 10. US goods are subject to a 10% tariff. In this regard, on July 11, the US Senate passed a resolution of 88:11 overwhelming votes, restricting Trump’s tariff power, and explaining Trump’s trade sanctions against China. Not popular.
In fact, this kind of 'killing one thousand, self-destruction eight hundred' has already let the United States taste the 'bitter'. On July 11th, 'the United States has to pay 10% tax on US$200 billion in exports to the United States.' When the news came, the USD/JPY fell 30 points to 110.89 in the short-term. The Australian dollar fell nearly 40 points against the US dollar in the short-term, at 0.7436. The offshore RMB fell below the 6.66 mark against the US dollar, refreshing the two-day low.
Some analysts pointed out that the new tariff measures will have a more direct impact on American consumers, and may lead to conflicts with trade wars. More seriously, Trump has repeatedly threatened to escalate trade conflicts with China, and The Chinese government's dispute has disrupted the global financial market, including stocks, currencies, and global trade in commodities from soybeans to coal, which will cause global multilateral trade to 'lose too much'.
In general, the final result of the trade war will only be 'double lose', and Trump's tariff sanctions against China are restricted by the US Senate, which just shows that Trump's trade sanctions against China are unpopular. Some analysts said that Only Trump’s right to impose tariffs will be restricted by the US Senate. In the future, there may be public anger, even affecting the upcoming US mid-term elections. How will this event evolve? The micro-network will continue to track reports.