#africanews #mali #barrickgold On Monday, 2nd of December 2024, the US launched its third crackdown against China's semiconductor industry in three years. According to the reports, this latest move is one of President Biden’s last large-scale efforts to staunch China’s ability to access and produce chips which the US says will help advance artificial intelligence for military purposes and threaten its national security. However, three days later, China retaliated by imposing a ban on the exportation of certain materials essential for the production of semiconductors and electric batteries to the US. The question is “Will this affect the US economy? Let's find out.
The current back and forth between the US and China implies that there is a trade war going on between both countries. But when did it start? How did it get to this point? Well, it started during President Trump’s first term and was marked by the imposition of tariffs on hundreds of billions of dollars worth of goods which disrupted the global trade flow and created uncertainty in the market. Specifically, the conflict started in 2018 when President Trump imposed tariffs under Section 301 of the Trade Act of 1974 citing intellectual property theft, forced technology transfers, and unfair trade practices by China. The US also cited its large trade deficit with China which exceeded 375 billion dollars in 2017 as evidence of these imbalances.
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