Beijing’s Latest Move in the Trade War: Reducing U.S. Film Imports
In the ongoing trade war between the United States and China, Beijing has announced its latest retaliatory measure against President Trump’s increased reciprocal tariff. This time, China will reduce the number of U.S. films that can be imported each year.
Background of the Trade War
The trade war between the world’s two largest economies began in July 2018 when the U.S. imposed tariffs on $34 billion worth of Chinese imports in response to what it considered unfair trade practices. China retaliated with tariffs on an equal amount of U.S. imports. Since then, both sides have continued to escalate the trade war, with the U.S. imposing tariffs on over $300 billion worth of Chinese goods and China retaliating with tariffs on over $110 billion worth of U.S. goods.
Beijing’s Latest Retaliation
On July 6, 2019, the Chinese Ministry of Commerce announced that it would reduce the number of U.S. films that can be imported each year. The quota for U.S. films will be reduced from the current 34 to an unspecified number. This move comes in response to the U.S. increasing the tariff on $200 billion worth of Chinese goods from 10% to 25% on May 10, 2019.
Impact on the U.S. Film Industry
The reduction in the number of U.S. films that can be imported into China each year is expected to have a significant impact on the U.S. film industry. China is the largest film market in the world, and U.S. films have traditionally dominated the Chinese box office. In 2018, U.S. films accounted for 72% of the total box office revenue in China. However, with the reduction in the number of U.S. films that can be imported, Chinese audiences will have less access to U.S. films, which could lead to a decrease in revenue for U.S. film studios.
Impact on the World
The trade war between the U.S. and China is not just affecting the two countries, but also the global economy. The reduction in U.S. film imports is just one of many retaliatory measures that have been announced in the ongoing trade war. Other industries that have been affected include agriculture, technology, and manufacturing. The trade war has also led to uncertainty in the global economy, which could lead to a decrease in investment and economic growth.
Conclusion
The trade war between the U.S. and China continues to escalate, with each side announcing new retaliatory measures. The latest move by Beijing to reduce the number of U.S. films that can be imported is expected to have a significant impact on the U.S. film industry and the global economy. It is important for both sides to find a resolution to the trade war before it causes further damage to the global economy.
- Beijing reduces number of U.S. films that can be imported
- Retaliation against U.S. tariff increase
- Impact on U.S. film industry
- Impact on global economy
- Need for resolution to trade war
