Chicago / Tokyo: The ongoing US China trade war is not just affecting both countries but is also creating impact on the global market.
US China trade war resulted in $1.3 billion loss to Japan’s Itochu Corp in its investment in China’s CITIC Ltd.
In addition, Marubeni Corp said that the US China trade war severely affected its US grain unit, Gavilon. The financial trading in agriculture is halted due to it.
The trading houses in Japan joined telecommunications firms, different heavy equipment manufacturers and other companies. However, they all have raised concerns about the impact of US China trade war.
As the threats of trade war are emerging, Asian stock markets including Shanghai and Hong Kong were also fell down.
Earlier, China said that they will retaliate against any measures, putting the world´s top two economies on course for an all-out trade war. However, with $250 billion already being targeted, the move would mean all China’s shipments to the US are taxed.