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 United States |
 China |
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On 22 March 2018, U.S. president Donald Trump announced an intent to impose tariffs of US$50 billion on Chinese goods, citing a history of "unfair trade practices" and theft of intellectual property. 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.
Trump has personally denied that this 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."
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".
Events
March
On 22 March 2018, 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, Trump explained that the proposed tariffs were "a response to the unfair trade practices of China over the years", including theft of U.S. intellectual property.
April
On 2 April 2018, the Ministry of Commerce of the People's Republic of China 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%). The next day, the Office of the United States Trade Representative published a list of over 1,300 categories of Chinese goods that it planned to impose levies on, including categories such as aircraft parts, batteries, flat-panel televisions, medical devices, satellites, and weapons.
On 4 April 2018, in retaliation for the previous day's announcement, China added additional 25% tariffs to airplanes, automobiles, and soybeans, which are the top U.S. agricultural export to China.
May
On May 9, China cancelled orders of American soybeans, Zhang Xiaoping, China director for the U.S. Soybean Export Council said the buyers literally stopped buying from the U.S.,”“Exporters cannot find any buyers in China".
On May 20, Treasury Secretary Steven Mnuchin, in an interview on Fox News Sunday said that, "We are putting the trade war on hold". However, only a week later the United States announced a 25% import tariff on $50 billion of Chinese goods with "industrially significant technology.".
June
On June 3, the BBC reported that China had "warned that all trade talks between Beijing and Washington will be void if the US sets up trade sanctions.".This statement was reported a week after the White House released a statement that the Trump administration would pursue 25% tariffs on $50 billion worth of Chinese imports.
References
- ^ "Statement from President Donald J. Trump on Additional Proposed Section 301 Remedies". WhiteHouse.gov. Retrieved 7 April 2018.
- ^ Jeremy Diamond. "Trump hits China with tariffs, heightening concerns of global trade war". CNN. Retrieved 22 March 2018.
- ^ "These Are the 128 U.S. Products China Is Enacting Tariffs On". Fortune. Retrieved 28 May 2018.
- ^ "As China Fires Back in Trade War, Here Are the Winners And Losers". Bloomberg.com. 4 April 2018. Retrieved 4 April 2018.
- ^ 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.
- ^ 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.
- "White House sees 'short-term pain' as Trump stokes China trade war". Politico. Retrieved 28 May 2018.
- 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.
- 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.
- 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.
- 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.
- "Facing threat of tariffs, China buyers cancel orders for U.S. soybeans". PBS NewsHour. Retrieved 21 May 2018.
- https://www.apnews.com/41443aaca704426b9f35b16607271a60
- "US, China putting trade war on hold after progress in talks". AP News. Retrieved 21 May 2018.
- washingtonpost.com 20 May 2018 / Heather Long: China is winning Trump’s trade war (Analysis)
- "White House Announces Tariffs, Trade Restrictions To Be Placed On China". NPR.org. Retrieved 30 May 2018.
- "Stark China warning to US over trade". BBC News. 3 June 2018. Retrieved 3 June 2018.