The trade relationship between the United States and China has been a focal point of global economic discussions since the inauguration of President Donald Trump in 2017. The imposition of tariffs by both countries has marked a significant shift in their trade policies, affecting not only bilateral trade but also the global economy. This article provides a detailed timeline of the key events and tariffs imposed since Trump's first term, offering insights into the escalating trade tensions between the two superpowers.
2017: The Beginning of Trade Tensions
The seeds of the US-China trade war were sown in 2017, shortly after President Trump took office. In April 2017, Trump signed an executive order directing the Commerce Department to investigate whether steel imports, including those from China, posed a threat to national security. This move was seen as a precursor to potential trade restrictions.
2018: The Tariff War Escalates
- January 2018: The US imposed tariffs on solar panels and washing machines, products in which China was a significant player.
- March 2018: Trump announced plans to impose tariffs on approximately $50 billion worth of Chinese goods, citing intellectual property theft and unfair trade practices. China responded with its own set of tariffs on US goods.
- July 2018: The US implemented tariffs on $34 billion worth of Chinese imports, with China retaliating in kind.
- September 2018: The US imposed tariffs on an additional $200 billion worth of Chinese goods, with China retaliating with tariffs on $60 billion worth of US goods.
2019: Trade Talks and Escalations
- May 2019: The US increased tariffs from 10% to 25% on $200 billion worth of Chinese goods. China retaliated with its own tariff increases on $60 billion worth of US goods.
- June 2019: Trump and Chinese President Xi Jinping agreed to a tentative truce at the G20 summit, temporarily halting the escalation of tariffs.
- August 2019: The US announced plans to impose a 10% tariff on an additional $300 billion worth of Chinese imports, citing China's failure to meet its commitments on purchasing US agricultural products and addressing intellectual property concerns.
2020: Phase One Trade Deal and Ongoing Tensions
- January 2020: The US and China signed the Phase One trade deal, which included China agreeing to purchase more US goods and services and the US reducing tariffs on some Chinese goods in return.
- August 2020: The US imposed restrictions on Chinese tech companies, including TikTok and WeChat, citing national security concerns.
- Throughout 2020: Despite the Phase One deal, tensions remained high, with both countries maintaining significant tariffs on each other's goods and disagreements over issues like technology, security, and human rights.
2021 and Beyond: Under the Biden Administration
The inauguration of President Joe Biden in 2021 marked a shift in the US approach to China, with a focus on multilateralism and a review of the existing trade policies. While the Biden administration has maintained many of the tariffs imposed by the Trump administration, it has also sought to engage China in dialogue on trade and economic issues.
In conclusion, the timeline of US-China tariffs since Trump's first term illustrates a complex and evolving trade relationship marked by periods of escalation and tentative agreements. As global economic dynamics continue to shift, understanding the history and current state of US-China trade tensions is crucial for businesses, policymakers, and individuals seeking to navigate the intricacies of international trade.
Read more about the ongoing developments in US-China trade relations and their implications for the global economy.
