Jul 10, 2018 12:58 Asia/Tehran

Washington has imposed a hefty 25% tariff on $34 billion worth of imported Chinese goods in reaction to alleged intellectual property violations.

The US and China have fired the opening shots in a trade war. It is hard to see their moves as anything other than reckless acts that endanger the global economy. The two countries should immediately reverse course on their punitive and retaliatory measures and ease tensions through dialogue.

The US car maker, Ford Motor Co, has hiked prices by as much as  20 percent in China, and becoming the first automaker to raise prices in the world’s largest automotive market in response to a US - China trade war.

Ford Motor Co said on Thursday it would not hike prices on its imported cars, for now, crimping its profit margins.

US President Donald Trump has suggested the possibility of imposing high tariffs on nearly all Chinese products shipped to the US. 

China’s tariffs are expected to hurt automakers as well as companies that make industrial components in the United States, and produce soybean and other agricultural produce.