USA vs. China: Chronology of an increasingly worrying trade war
After 16 intense months in which the world economy has been involved in a strong Trade War between the US and China, last Friday the White House attacked Pe
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After 16 intense months in which the world economy has been involved in a strong Trade War between the US and China, last Friday the White House attacked Beijing again, thus generating a new destabilization in the markets and forcing the Asian giant to Rethink your business strategy.
2018: Starting Point
- March 8
The United States announces a rise in tariffs on steel. For its part, the EU denotes its concern over a possible trade war "would be a real disaster for both of us and for the world." The Trump administration imposes a 25% tariff on steel imports and a 10% tariff on aluminum.
- April 3
The government of President Donald Trump makes public a list of Chinese goods whose importation would have a total value of 50,000 million dollars. The main sectors affected will be mechanics, appliances, chemicals and electrical equipment. The 58-page document includes a total of 1,333 products. According to statements by the White House, this punishment is imposed for the theft of their trade secrets, including software, patents and other technologies.
- April 4
The Asian giant imposes tariff sanctions of 25% on 106 products imported from the United States worth 50,000 million dollars. The affected products are soy, cars and airplanes.
- June 2nd
China and the United States open to a new round of negotiations with the intention of appeasing the spirits and avoiding a possible trade war.
- July 6th
The negotiations of the past days do not reach a midpoint. The White House announces new levies on Chinese imports for a total amount of 4,000 million dollars. China strikes back with similar measures, mainly attacking the technology sector.
- July 11
Five days later, Trump orders new levies for China, of 10% on imported products, worth 200,000 million dollars.
- August 23rd
The administrations of both countries launch the second phase of tariffs on a total of goods worth 50,000 million dollars. Its actions reach a group of imports worth 16,000 million dollars.
- August 27
After several months of attacks, China denounces the US to the WTO for the various tariffs imposed on its products.
- 24th September
The United States imposes levies of 10% worth 200,000 million dollars on Chinese products, affecting this time the textile sector. In this context. Beijing attacks US $ 60,000 million in levies on US products, with direct effects on liquefied natural gas.
- December 1st
Washington and Beijing announce an agreement to stop the trade war and stop the tariff escalation following the G20 meeting in Buenos Aires. They also commit to generate negotiations to finalize a commercial agreement, setting a limit until March 1. In case of not reaching an agreement until that date, the US indicates that it will raise tariffs on Chinese products again by a value of 200,000 million dollars.
2019: The trends increase
- February 25
The US president decides to postpone the rise in tariffs to China thanks to the progress of the negotiations. Internationally, the White House's decision to delay the increase in levies on Chinese products worth US $ 200,000 million is a sign of a breakthrough to a solution. According to Trump, both countries had made "substantial progress" in trade negotiations, which caused Chinese stocks to rise almost 5%.
- May 10
The deterioration of the relations of both powers is evident and the truce ends when Donald Trump announces the increase of 10% to 25% of tariffs for Chinese imports of more than 5,000 products.
- may 13th
Through Twitter, Trump states that he found "no reason for the US consumer to pay for the tariffs on China that come into force today. China should not retaliate. It will only make it worse!"
- 15 th of May
The US president declares his country in a national emergency and prohibits companies in his country from using telecommunications equipment manufactured by Chinese companies, under the argument that they were spying and threatening the national security of the United States, thus attacking the Asian giant Huawei .
- May 20
The main technology companies in the US, including Google, will stop selling components and software to Huawei and begin to lower sales of electronic devices of the Asian giant.
- May 21th
Huawei denies that US restrictions are going to affect its products or the deployment of 5G technology, in which the Chinese company says to outperform its competitors.
- June 1
China increases tariffs. There is a difference of 14 percentage points in the average tariff imposed by China on its US imports compared to other partners.
- June 30th
Both powers decide to take a break in the commercial war, after the G20 meeting in Osaka and undertake to restore trade talks between the two nations, interrupted since May. The United States decides not to impose new tariffs on its Chinese imports and will allow its companies to sell Huawei technology products.
- July 9th
The United States announces anticipates the end of the blockade to Huawei and that US companies can resume their relations and sell their products.
- August 2nd
The US ends the truce and imposes more sanctions on China. Trump announces the imposition of new 10% tariffs on Chinese imports valued at $ 300 billion as of September 1.
- August 5
China defies the White House and depreciates the Yuan at levels that have not been seen since 2008. The exchange rate is 7 to 1. The stock markets around the world are going down.
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