Over this time, the trading relationship between China and the US has gone from almost non-existent (resulting from the embargo imposed on China in 1950 during the Korean War) to a close interdependence that has enabled China to industrialize and prosper while providing the US with a plethora of lower-priced products. Consumers in the US often complain that too many of the things they buy are “Made in China”, but they continue to buy them in great quantities.
The first salvo in this battle was the imposition of an additional 25 percent duty on steel and an additional 10 percent on aluminum imports from all countries apart from its North American Free Trade Agreement partners Canada and Mexico, starting on March 23. The US has backed down on these tariffs in the case of some allies, but not in the case of China, because it wants to stop what it sees as China flooding the world with cheap steel.
The stage therefore seems set for further exchanges of negative trade measures. There is no question that a sustained China-US trade war would cause huge damage to the world economy. As a result, stock markets, led by those on the New York Stock Exchange, have fallen from their recent peaks. There is no doubt that an escalation of these exchanges between the two largest economies in the world would hurt everybody, starting with the two countries themselves.
Currently, people and businesses can pay much lower prices if they consume electricity at off-peak instead of at peak demand times.
Meeting with deputies from Yunnan province, Li Zhanshu, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, said he hopes the province will build itself into an exemplary region in promoting ethnic unity, progress and ecological development, as well as become a center of opening up to South Asia and Southeast Asia.
Last year, President Xi Jinping announced a broad vision of China as a leading world economic power by the year 2050, which is not impossible to imagine, though it would require further major political and economic reforms to achieve ambitious goals, including the rule of law, innovative companies, clean environment, expanding the middle-income group, adequate public transportation, and reduced urban/rural income disparities.
"I hope through the exhibition of the Terracotta Warriors people around the Cincinnati area will have a greater understanding of Chinese culture and history," said Zhang.