US-China Trade Talks Collapse Over Tariff Disputes

Source:BBC News
July 1, 2025
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High-stakes trade negotiations between the United States and China collapsed on July 1, 2025, after disagreements over tariffs and technology export restrictions. The talks, held in Geneva, were seen as a last-ditch effort to avert a new trade war that could destabilize the global economy. US officials accused China of unfair trade practices, while Beijing criticized Washington for 'economic bullying.' Markets reacted swiftly, with major indices in Asia and Europe dropping by over 3%. Economists warn that renewed tensions could lead to higher consumer prices worldwide. For Nigeria, this could mean increased costs for imported goods, especially electronics and machinery, further straining the economy.

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