Posted on September, 5, 2018 at 10:57 am
AS the trade war between the United States and China rages on, there is growing concern that Tanzania could soon start to feel the pain as the two giant nations battle against each other.
If the trade war between the US and China escalates into a full-blown crisis, analysts warn that this could well result into a glocal economic recession. In which case everyone will be effected and Tanzania will be powerless to escape the consequences.
A global trade war also has the potential to drive up prices on certain commodities.
Both the US and China are important trade partners with Tanzania and are also key sources of investments and tourists.
China is by far Tanzania's biggest trade partner, with the volume of two-way trade between the two countries estimated at $5 billion per year.
On the other hand, two-way trade between the United States and Tanzania reached $306 million during 2016. US goods exports to Tanzania totaled $158 million, while goods exports from Tanzania to the US totaled $148 million.
Source: IPP Media