Us-China Trade War Tariffs An Up-To-Date Chart
The trade war between the United States and China has been ongoing since 2018, when President Donald Trump announced tariffs on Chinese imports. The tariffs were imposed as a response to decades of unfair trade practices by China, including intellectual property theft and forced technology transfer.
The trade war has escalated over the years, with both countries imposing tariffs on each other's goods. The tariffs have affected a wide range of products, from agricultural goods to electronics. This article will provide an up-to-date chart of the tariffs imposed by both countries.
U.S. Tariffs on Chinese Goods
In 2018, the United States imposed tariffs on $50 billion worth of Chinese goods, including steel, aluminum, and other products. The tariffs were later expanded to cover an additional $200 billion worth of Chinese goods in 2019. These tariffs range from 10% to 25% and cover a wide range of products, including:
- Electronics
- Machinery
- Chemicals
- Textiles
- Toys
The U.S. also imposed a 25% tariff on Chinese imports of steel and a 10% tariff on aluminum imports in 2018.
Chinese Tariffs on U.S. Goods
China responded to the U.S. tariffs with its own tariffs on U.S. goods. In 2018, China imposed tariffs on $50 billion worth of U.S. goods, including:
- Agricultural products
- Chemicals
- Autos
- Seafood
- Medical equipment
In 2019, China increased its tariffs on $60 billion worth of U.S. goods, including:
- Meat
- Fruits and vegetables
- Alcohol
- Cotton
- Textiles
China also announced plans to impose a 25% tariff on U.S. soybeans, which would have had a significant impact on American farmers. However, China later announced that it would exempt some U.S. soybeans from the tariff.
Impact of the Tariffs
The tariffs have had a significant impact on both the U.S. and Chinese economies. The U.S. has seen higher prices for goods and a decrease in exports to China. China, on the other hand, has seen a decrease in exports to the U.S. and a slowdown in its economy.
The tariffs have also had an impact on other countries that rely on trade with the U.S. and China. For example, Australia has seen a decrease in exports to China due to the tariffs, as China has been looking for other countries to import goods from.
Current Status of the Trade War
The trade war between the U.S. and China is ongoing, but there have been some recent developments. In January 2020, the two countries signed a phase one trade deal, which included a reduction in some tariffs and an agreement by China to purchase more American goods.
However, the trade deal did not address some of the key issues that led to the trade war, such as intellectual property theft and forced technology transfer. The U.S. has also continued to impose tariffs on some Chinese goods, and China has responded with its own tariffs.
Conclusion
The trade war between the U.S. and China has had a significant impact on the global economy. The tariffs imposed by both countries have affected a wide range of products and industries, and the ongoing trade war has created uncertainty for businesses and consumers alike.
While there have been some recent developments, the trade war is far from over. Both countries will need to continue to work towards a resolution if they want to avoid further damage to their economies and the global economy as a whole.
