🎉 #Gate Alpha 3rd Points Carnival & ES Launchpool# Joint Promotion Task is Now Live!
Total Prize Pool: 1,250 $ES
This campaign aims to promote the Eclipse ($ES) Launchpool and Alpha Phase 11: $ES Special Event.
📄 For details, please refer to:
Launchpool Announcement: https://www.gate.com/zh/announcements/article/46134
Alpha Phase 11 Announcement: https://www.gate.com/zh/announcements/article/46137
🧩 [Task Details]
Create content around the Launchpool and Alpha Phase 11 campaign and include a screenshot of your participation.
📸 [How to Participate]
1️⃣ Post with the hashtag #Gate Alpha 3rd
Trade War: As Trump Threatens China With 10% Tariffs, Asian Giant Prepares Countermeasures
The recent announcement from President-Elect Donald Trump about adding a 10% tariff to all Chinese products entering U.S. soil has the Asian behemoth preparing countermeasures for a possible upcoming trade war. Yesterday, Trump announced that this would be a retaliatory move regarding the continued entry of fentanyl into the country.
On social media, Trump declared that until this drug flow stops, his administration would charge “China an additional 10% tariff, above any additional tariffs, on all of their many products coming into the United States of America.” In February, Trump affirmed he would slap “60% or higher” tariffs on Chinese products especially.
These measures, if enacted, might mean the intensification of a new trade war between the two countries. Since Trump hinted at establishing tariffs during his campaign, China has prepared to counter them. One of the tools available, the “Law on Counteracting Foreign Sanctions,” gives the government authority to “blacklist foreign companies, impose sanctions and restrict access to critical supply chains,” according to FT.
Alexander Strelnikov, founder of the Russian-Chinese company Rustranschina, stated that China had several strategies to counter the effect of U.S. tariffs. These include establishing similar tariffs for American products and barriers for companies to reach Chinese customers. In addition, Beijing can also exert increased controls over foreign investment in China, making it more complex for U.S. nationals and companies to position their businesses in the country.
In anticipation of these efforts, Chinese economists called to de-dollarize the national forex reserve to reduce risks associated with holding over $1.5 trillion in the form of an adversarial currency like the U.S. dollar. Recently, Zhang Ming, deputy director of the Chinese Academy of Social Sciences’ Institute of Finance and Banking, stated that China should address “the financial risks associated with possible future sanctions from the U.S.”
Read more: Reserves Threatened: China Urged to Dedollarize Its $3.3 Trillion Forex Stash