trade war,Donald Trump,China

China’s top official fears a trump action on trade, many companies may be bankrupt.

# Headlines Business World

After the trade war between the US and China, the serious consequences can be seen soon. A senior official of the Chinese government said on Thursday that many Chinese companies could be bankrupt due to strict action on the trade of US President Donald Trump. Chinese officials have said to take immediate action to avoid this.

Deputy People’s Court, Advisory Committee of Supreme People’s Court, said, “It is difficult to guess how trade war will move forward and to what extent, but one thing is certain, if the US imports $ 60 billion, 200 on the import of Chinese goods If you impose tariffs in the order of $ 500 billion or $ 500 billion, many Chinese companies will be bankrupt.

Trump has imposed a heavy duty of 25 percent on Chinese exports of $ 34 billion and threatened that a 10 percent increase in export of $ 200 billion could be increased. Indeed, Washington is taking such steps as a way to reduce business losses with China. On the other hand, China has taken some counter-steps, but many Chinese experts are not happy with this official response as the trade war is moving ahead with such circumstances.

Du said that the judiciary should be ready to deal with issues related to bankruptcy and to face complex issues, as never seen before. He said, ‘Preparation is sure to ensure success. Failure to be prepared without preparation. Our courts need to see such potential Chinese corporate bankers as soon as possible. ”

This strong reaction from the Communist Party officials associated with the Supreme Court has been found in an article published in People’s Daily. Earlier on Tuesday, Huang Lynin, a spokeswoman for the Industry and Information Technology Ministry, had said that any major impact on industrial output is yet to be seen. They said, “We are hearing complaints from Chinese companies that US clients have stopped orders and deliveries, but it has only limited effect on the industrial sector.”