Trade competition between the US and China is becoming a total war. The US imposed 50 billion dollars as protective tariff to China, and China tit for tat as high tariff on main export goods such as soybean, corn, vehicle and many others. Because of this action, US declared a bigger duty revenge by adding 100 billion dollars to Chinese things.

With US protectionism, diplomacy already began. China and Russia made the united front against the US. Wang Yi said that "US Protectionism will damage the US itself a lot. China and Russia will respect each other as powerful nations." Also, he met President Putin by showing honeymoon relation.

▲ Good relation between Putin and Xi jinping

China also urges the EU to act together against the US. Zhang said that "protectionist moves under the pretext of national security will undermine the celebrity of the WTO-centered multilateral trade system, and the rules-based global trade order." Because the EU has so far reacted cautiously to the US measures against China despite sharing many of the same grievances against Beijing as Washington, many people are interested in how the EU will react in this situation.

▲ China urges EU to act together against US Protectionism

Also, the credibility of dollars is being cracked. WSJ Dollars Index, which shows the value of money in 16 leading countries, descended to about 1.6 points. Naturally, the preference to safe property has been increased, so gold's price has risen.

Us protectionism also influences our economy. Korea earns a lot of money by exporting steel and aluminum, which the US imposes a lot of taxes. Many experts expect that the Korean economy will get a lot of loss for about 36.7 billion dollars.

▲ US steel imports by country - South Korea exports a lot of steel to US

Although China and the US do not want to get on step back, both countries want to solve this problem by talking. Geng Shuang, a Chinese foreign ministry spokesman said that They have been tried to solve this problem by talking. So, he is requesting the US to give up protectionism and resolve the conflict. Also, NEC chairman that they are solving problems, and negotiations are in progress. They believe that they can reach an agreement after some time passes.

April 14, by Jang Jin Young