- President Donald Trump has instructed aides to move forward with tariffs on $US200 billion worth of Chinese goods despite new trade talks with Beijing, according to Bloomberg.
- Trump told reporters last week that tariffs were coming “soon,” but final details about which goods the tariffs would apply to have delayed their imposition.
- Stocks fell in reaction to the Bloomberg report.
President Donald Trump wants to move forward with tariffs on $US200 billion worth of Chinese goods despite new overtures to China from the Treasury Department.
The final imposition of the tariffs has been delayed because the US Office of the Trade Representative has been tweaking the final details of the tariffs in response to comments from US businesses.
Trump has also threatened to impose tariffs on an additional $US267 billion worth of Chinese goods, which would mean all Chinese goods sent to the US would be subject to duties.
Negotiations to deescalate trade tensions between the US and China have produced little concrete progress, and the details of future talks remain unclear, though the two sides have expressed a desire to open up a dialogue. Trump has used tariffs to try to pressure Beijing to change its trade practices because the president believes the measures hurt China more than the US.
“The Wall Street Journal has it wrong, we are under no pressure to make a deal with China, they are under pressure to make a deal with us,” Trump tweeted Thursday. “Our markets are surging, theirs are collapsing. We will soon be taking in Billions in Tariffs & making products at home. If we meet, we meet?”
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 aluminium, including metals from China.
- March 22: Trump announces plans to impose 25% tariffs on $US50 billion worth of Chinese goods.China announces tariffs in retaliation to the steel and aluminium 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 $US50 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 $US50 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 $US34 billion would be subject to 25% tariffs as of July 6, with another $US16 billion worth of imports subject to the tariffs at a later date. China retaliates with an equivalent set of tariff proposals.
- June 18: Trump threatens 10% tariffs on another $US200 billion worth of Chinese goods.
- July 6: The first tranche of tariffs on $US34 billion worth of Chinese goods takes effect; China responds in kind.
- July 10: The US releases an initial list of an additional $US200 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 $US200 billion worth of Chinese goods to 25% from 10%.
- August 3: China says it will impose tariffs of various rates on another $US60 billion worth of US goods if Trump moves forward with his latest threat.
- August 7: The US announces that the second tranche of tariffs, targeting $US16 billion worth of Chinese goods, will take effect August 23.
- August 23: The US imposes tariffs on another $US16 billion worth of Chinese goods, and Beijing responds with tariffs on $US16 billion worth of US goods.
- September 7: Trump says the $US200 billion tranche of tariffs is coming “soon” and threatens to impose tariffs on another $US267 billion worth of Chinese goods.
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