TRADE
On January 15-US President Trump and Chinese Vice Premier Liu signed a phase one trade agreement in Washington on Wednesday morning. The trade war between China and the United States lasted for 18 months, not only slowing down global economic growth, but also disrupting the supply chain and hitting the profits of American farmers. Most of the hundreds of billions of U.S. dollars in tariffs that undermine the vitality of the global economy will not be eliminated because of this trade agreement, but this agreement is expected to mark a new phase of Sino-US cooperation.
The following is a review of key moments in the ups and downs of the trade relationship between these two major economies.
June 28, 2016
During the presidential campaign, Trump threw out a plan to counter China's unfair trade practices at a rally in Pennsylvania. He also threatened to impose tariffs under Sections 201 and 301 of the US Trade Act.
March 31, 2017
Trump, who has taken over as President of the United States, signed two executive orders, one of which requires stricter tariffs in anti-subsidy and anti-dumping trade cases, and the other requires a review of the US trade deficit and its causes.
April 6 and 7, 2017
In the first meeting between Trump and Chinese President Xi Jinping, the two sides agreed on a 100-day trade negotiation plan.
July 19, 2017
The two sides failed to reach agreement on new measures to reduce the US trade deficit with China within the 100-day negotiation period.
August 14, 2017
Trump ordered an investigation into China’s theft of intellectual property rights under “Section 301”.
January 22, 2018
Trump imposed tariffs on all imported washing machines and solar panels-not just for Chinese products.
March 8, 2018
Trump ordered 25% and 10% tariffs on all imported steel and aluminum-not just for China.
April 2, 2018
China imposes tariffs of up to 25% on 128 US products.
April 3, 2018
Trump announced a plan to impose 25% tariffs on Chinese goods worth about $50 billion.
April 4, 2018
China responded by proposing a plan to impose retaliatory import tariffs on US goods worth approximately $50 billion.
June 15, 2018
The United States said that the effective date of imposing 25% tariffs on US$34 billion of Chinese goods is July 6. The United States stated that after the public comment period is over, it will also impose a 25% tariff on another $16 billion of Chinese goods. China has retaliated by imposing tariffs on US$34 billion worth of American goods.
July 10, 2018
The United States announced a plan to impose 10% tariffs on 200 billion US dollars of Chinese goods.
August 1, 2018
Trump directed the Office of the United States Trade Representative (USTR) to increase tariffs on US$200 billion of Chinese exports to the United States from the originally proposed 10% to 25%.
August 7, 2018
The United States has published a list of Chinese goods worth US$16 billion to which 25% tariffs apply. China introduced countermeasures, imposing 25% tariffs on US$16 billion in US goods.
September 24, 2018
The United States imposed a 10% tariff on US$200 billion worth of Chinese exports to the United States. The Trump administration stated that the tariff rate will be increased to 25% from January 1, 2019. In response, China imposed taxes on US goods worth 60 billion U.S. dollars.
December 1, 2018
China and the United States agreed to a 90-day truce, during which time the imposition of new tariffs will be suspended. Trump agreed to postpone the implementation of the plan to increase tariffs on US$200 billion worth of Chinese exports to the United States, which was originally scheduled to begin on January 1. The White House said China agreed to buy "a large amount" of American goods.
April 30 and May 1, 2019
U.S. and Chinese negotiators held trade negotiations in Beijing and drafted a first draft of a 150-page trade agreement.
May 3, 2019
Beijing sent a telegram to Washington late at night, almost completely overturning the draft trade agreement.
May 5, 2019
Trump said on Twitter that he plans to increase tariffs on US$200 billion of Chinese goods from 10% to 25% on May 10.
May 16, 2019
The US government prohibits China's Huawei from purchasing parts and components from US companies.
June 18, 2019
Trump and Xi Jinping talked on the phone, and the two sides agreed to restart trade negotiations.
June 29, 2019
At the G20 summit in Osaka, Trump agreed not to impose new tariffs and relax restrictions on Huawei. Xi Jinping agreed to increase purchases of American agricultural products, but the scale is unclear.
After two days of trade talks between China and the United States failed to make progress, Trump announced an additional 10% tariff on US$300 billion of Chinese goods.
August 5, 2019
In response to the latest US tariffs, China's Ministry of Commerce suspended the purchase of American agricultural products, and the yuan broke "7" against the US dollar, causing the stock market to plummet. [nL4S25145H]
The US Treasury Department said it determined that China was manipulating the RMB exchange rate.
August 13, 2019
The Trump administration announced that about half of the products on the list will postpone the implementation of tariffs on US$300 billion of Chinese goods that were originally scheduled to begin in September. The tariffs will be levied on December 15.
August 23, 2019
China announced additional tariffs on approximately $75 billion of goods originating in the United States.
September 20, 2019
China and the United States conducted two-day vice-ministerial negotiations. The Office of the United States Trade Representative announced exemptions from tariffs on about 400 Chinese products.
October 7, 2019
The U.S. Department of Commerce has included 28 Chinese institutions and companies on the "Entity List" and basically prohibits U.S. companies from selling products to these institutions on the grounds that they violate the human rights of Xinjiang's Muslim minorities.
October 11, 2019
After a two-day negotiation between the high-level Chinese and American delegations in Washington, Trump announced that the two sides had reached the first phase of a trade agreement, which included the suspension of the implementation of scheduled tariffs and China's commitment to expand the purchase of agricultural products, but there were few details. (Finish)
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