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China–United States trade war

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The 2018 China–United States trade war began after U.S. President Donald Trump announced on March 22, 2018, an intention to impose tariffs of US$50 billion on Chinese goods under Section 301 of the Trade Act of 1974, citing a history of "unfair trade practices" and theft of intellectual property.[1][2] In retaliation, the Chinese government imposed tariffs of their own on over 128 U.S. products, including most notably soybeans, a major U.S. export to China.[3][4]

President Trump has denied that the dispute is a trade war, having stated on Twitter in April 2018, "that war was lost many years ago by the foolish, or incompetent, people who represented the U.S.", and adding that "now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue."[5][6]

U.S. commerce secretary Wilbur Ross stated in a CNBC interview that the planned Chinese tariffs only reflected 0.3% of U.S. gross domestic product, while press secretary Sarah Huckabee Sanders stated that the moves would have "short-term pain" but bring "long-term success".[7][6][8][5]

Timeline

March 2018

On March 22, U.S. President Donald Trump signed a memorandum under Section 301 of the Trade Act of 1974, instructing the United States Trade Representative (USTR) to apply tariffs of US$50 billion on Chinese goods. In a formal statement, as required by the section, Trump said that the proposed tariffs were "a response to the unfair trade practices of China over the years", including theft of U.S. intellectual property.[1][2]

April 2018

On April 2, the Chinese Ministry of Commerce imposed tariffs on 128 U.S. products, including aluminium scraps, airplanes, automobiles, pork products, and soybeans (which have a 25% tariff), as well as fruits, nuts, and steel piping (15%).[3][4]

On April 3, the USTR published a list of over 1,300 categories of Chinese imports worth $50 billion on which it planned to impose levies, including aircraft parts, batteries, flat-panel televisions, medical devices, satellites, and weapons.[9][10][11]

On April 4, in retaliation for the previous day's announcement, China imposed an additional 25% tariffs on airplanes, automobiles, and soybeans, which are the top U.S. agricultural export to China.[4][12]

On April 5, Trump directed the USTR to consider $100 billion in additional tariffs.[13][14]

May 2018

On May 9, China cancelled orders of American soybeans. Zhang Xiaoping, China director for the U.S. Soybean Export Council, said Chinese buyers literally stopped buying from the U.S.[15]

On May 20, Treasury Secretary Steven Mnuchin, in an interview on Fox News Sunday said that, "We are putting the trade war on hold".[16][17]

On May 29, the White House announced that it will impose a 25% tariff on $50 billion of Chinese goods with "industrially significant technology;" the full list of products affected to be announced by June 15, and the tariffs will be implemented "shortly thereafter". The White House also says it will announce and impose investment restrictions and enhanced export controls on Chinese individuals and organizations to prevent them from acquiring U.S. technology, to be announced by June 30, and be implemented "shortly thereafter."[18]

June 2018

On June 3, the BBC reported that China had "warned that all trade talks between Beijing and Washington will be void if the U.S. sets up trade sanctions."[19]

On June 15, President Trump declared in a short White House statement that the United States would impose a 25% tariff on $50 billion of Chinese exports. $34 billion would start July 6, with a further $16 billion to begin at a later date.[20][21] China's Commerce Ministry accused the United States of launching a trade war and said China would respond in kind with similar tariffs for US imports, starting on July 6.[22]

On June 18, the White House declared that the United States would impose additional 10% tariffs on another $200 billion worth of Chinese imports if China would retaliate against the US tariffs announced on June 15. The Chinese Commerce Ministry replied quickly that China would "strike back hard."[23]

On June 22, Some Economists fear that trade war could escalation lead to Recession. Michelle Meyer US Economists Bank of America said, "Our calculations suggest that a major trade war would lead to a significant reduction in growth". "The good news is that we are still many steps away from a full blown global trade war", "The bad news is that the tail risks are rising and our work and the literature suggest a major global trade confrontation would likely push the US and the rest of the world to the brink of a recession".[24] According to CNBC host Mad Money Jim Cramer concern that tech and retail stock have been concluding weakness to decline in Market due to a trade War. he said, "This is a horrendous decline that we just haven't talked about because it's been masked by FAANG and by the retailers and by a couple small-cap domestic stocks". "The White House "believes it's going to beat China,"adding that there are many "false reports" that the administration will let up on its trade tactics."the world economy is slowing too quickly".[25]

See also

References

  1. ^ a b "Statement from President Donald J. Trump on Additional Proposed Section 301 Remedies". WhiteHouse.gov. Retrieved 7 April 2018.
  2. ^ a b Jeremy Diamond. "Trump hits China with tariffs, heightening concerns of global trade war". CNN. Retrieved 22 March 2018.
  3. ^ a b "These Are the 128 U.S. Products China Is Enacting Tariffs On". Fortune. Retrieved 28 May 2018.
  4. ^ a b c "As China Fires Back in Trade War, Here Are the Winners And Losers". Bloomberg.com. 4 April 2018. Retrieved 4 April 2018.
  5. ^ a b Smith, David (4 April 2018). "Trump plays down US-China trade war concerns: 'When you're $500bn down you can't lose'". the Guardian. Retrieved 28 May 2018.
  6. ^ a b Jr., Berkeley Lovelace (4 April 2018). "Commerce Secretary Wilbur Ross: China tariffs amount to only 0.3% of US GDP". CNBC. Retrieved 28 May 2018.
  7. ^ "White House sees 'short-term pain' as Trump stokes China trade war". Politico. Retrieved 28 May 2018.
  8. ^ Sheetz, Michael (4 April 2018). "Trump: 'We are not in a trade war with China, that war was lost many years ago'". CNBC. Retrieved 28 May 2018.
  9. ^ Office of the United States Trade Representative, April 2018, Under Section 301 Action, USTR Releases Proposed Tariff List on Chinese Products
  10. ^ hermesauto (4 April 2018). "US publishes list of 1,300 Chinese goods worth US$50b set to be targeted by tariffs". The Straits Times. Retrieved 4 April 2018.
  11. ^ Swanson, Ana (3 April 2018). "White House Unveils Tariffs on 1,300 Chinese Products". The New York Times. ISSN 0362-4331. Retrieved 4 April 2018.
  12. ^ Rauhala, Emily (4 April 2018). "China fires back at Trump with the threat of tariffs on 106 U.S. products, including soybeans". Washington Post. ISSN 0190-8286. Retrieved 4 April 2018.
  13. ^ Aiello, Chloe (5 April 2018). "Trump proposes $100 billion in additional tariffs on Chinese products". CNBC. Retrieved 6 April 2018.
  14. ^ "Trump Escalates Trade Tensions With Call for New China Tariffs". Bloomberg.com. 5 April 2018. Retrieved 6 April 2018.
  15. ^ "Facing threat of tariffs, China buyers cancel orders for U.S. soybeans". PBS NewsHour. Retrieved 21 May 2018.
  16. ^ "US, China putting trade war on hold after progress in talks". AP News. Retrieved 21 May 2018.
  17. ^ washingtonpost.com 20 May 2018 / Heather Long: China is winning Trump’s trade war (Analysis)
  18. ^ "White House Announces Tariffs, Trade Restrictions To Be Placed On China". NPR.org. Retrieved 30 May 2018.
  19. ^ "Stark China warning to US over trade". BBC News. 3 June 2018. Retrieved 3 June 2018.
  20. ^ "Trump announces tariffs on $50 billion worth of Chinese goods". cnn.com. 15 June 2018. Retrieved 15 June 2018.
  21. ^ "Trump imposes import taxes on Chinese goods, and warns of 'additional tariffs'". washingtonpost.com. 15 June 2018. Retrieved 15 June 2018.
  22. ^ "China: 'The US has launched a trade war'". cnn.com. 15 June 2018. Retrieved 16 June 2018.
  23. ^ "Trump threatens China with new tariffs on another $200 billion of goods". Cnn.com. 19 June 2018. Retrieved 19 June 2018.
  24. ^ https://www.cnbc.com/2018/06/22/increased-threat-of-a-trade-war-is-ramping-up-fears-of-a-full-blown-recession.html
  25. ^ https://www.cnbc.com/2018/06/22/cramer-strength-in-tech-and-retail-has-masked-weakness-in-the-broader-market.html?recirc=taboolainternal
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