Finance
Trump, China trade war: tariffs pushed on $200 billion of goods despite talks
Mark
Wilson/Getty; Naohiko Hatta/Getty; Shayanne Gal/Business
Insider
- President Donald Trump instructed aides to move forward with
tariffs on $200 billion worth of Chinese goods despite new trade
talks with Beijing, according to Bloomberg. - Trump told reporters that tariffs were coming “soon” last
week, but final details about which goods the tariffs would apply
to have delayed their imposition. - Stocks fell in reaction to the report.
President Donald Trump wants to move forward with tariffs on $200
billion worth of Chinese goods despite new overtures to the
Chinese from the Treasury Department.
According to Bloomberg, the president instructed aides to move
forward with the tariffs despite a recent Treasury letter to
Chinese officials requesting a new round of trade talks.
The final imposition of the tariffs has been delayed because the
US Trade Representative has been tweaking the final list of goods
to which the tariffs would apply.
Trump has also threatened to impose tariffs on an additional
$267 billion worth of Chinese goods, which would mean all Chinese
imports to the US would be subject to duties.
In response to the report, US stocks indexes fell, with the Dow
Jones industrial average falling 35 points, nearly 100 points
from its high on the day.
Here’s a timeline of the US-China trade war so far:
- March 1: President Donald
Trump announces tariffs on all imports of
steel and aluminum, including metals from China. - March
22: Trump announces
plans to impose 25% tariffs on $50
billion worth of Chinese goods. China announces
tariffs in retaliation to the steel and
aluminum duties and promises a response to the latest US
announcement. - April 3: The US trade
representative announces a list of Chinese
goods subject to the tariffs. There is
a mandatory 60-day comment period for industries to ask for
exemptions from the tariffs. - April
4: China rolls out a
list of more than 100 US goods worth
roughly $50 billion that are subject to retaliatory tariffs. - May 21: After a meeting,
the two countries announce the outline of a
trade deal to avoid the tariffs. - May 29: The White House
announces that the tariffs on $50 billion of Chinese
goods will move forward, with
the final list of goods released June 15. The move appears to
wreck the nascent trade deal. - June 15: Trump rolls out
the final list of goods subject to
new tariffs. Chinese imports worth $34 billion would be
subject to 25% tariffs as of July 6, with another $16 billion
worth of imports subject to the tariffs at a later
date. China
retaliates with an equivalent set of
tariffs. - June
18: Trump threatens 10%
tariffs on another $200 billion worth
of Chinese goods. - July 6: The first tranche
of tariffs on $34 billion worth
of Chinese goods takes
effect; China responds in kind. - July
10: The US releases an initial
list of an additional $200 billion
worth of Chinese goods that could be subject to 10% tariffs. - August 1: Washington more
than doubles
the value of its tariff threats against
Beijing, announcing plans to increase the size of proposed
duties on $200 billion worth of Chinese goods to 25% from
10%. - August
3: China says
it will impose tariffs of various rates
on another $60 billion worth of US goods if Trump moves
forward with his latest threat. - August 7: The US announces
that the second tranche of tariffs, which will hit $16
billion worth of Chinese goods, will take effect August 23. - August
23: The US
imposes tariffs on another $16 billion
worth of Chinese goods, and Beijing responds with tariffs on
$16 billion worth of US goods. - September 7: Trump says the $200 billion
tranche of tariffs is coming “soon” and
threatens to impose tariffs on another $267 billion worth
of Chinese goods.
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