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The US-China trade war started when the US imposed a 25 percent tariff on US$34 billion worth of Chinese imports in July 2018. Having lasted for over a year since, the trade conflict between the world’s two largest economies have negatively affected the global economy and trade development. According to the Chinese Ministry of Commerce, uncertainties brought about by the trade war could lead to a global recession.
Opinions vary among gem and jewellery industry players on the effects of the US-China trade dispute. Some companies downplayed its significance on the business while others called for reforms to support inroads in other markets.