Here are the reasons for Trump's economic war with China [268], According to a study by the National Retail Federation of the United States, a 25% tariff on Chinese furniture alone would cost US consumers an additional $4.6 billion in annual payments. by Lindsay Maizland [297][298] Analysts also speculated on how the trade war affected Xi Jinping in relation to the domestic pressures that he faced. [397], The Chilean vice minister for trade, Rodrigo Yanez, told CNBC that "It's very important for Chile that a trade deal between the U.S. and China is signed soon". However, after Chen moves to Beijing, he changes his mind and asks to take shelter in the United States. President Obama hosts President Xi for a shirt-sleeves summit at the Sunnylands Estate in California in a bid to build a personal rapport with his counterpart and ease tense U.S.-China relations. At the start of 2011, China reports a total GDP of $5.88 trillion for 2010, compared to Japans $5.47 trillion. [357], In September 2019, Matthew Shay, president and CEO of the National Retail Federation, said that the trade war had "gone on far too long" and had harmful effects on American businesses and consumers. The Trump administration imposes fresh tariffs totaling $34 billion worth of Chinese goods. China says it "will increase purchases of high-quality agricultural products from the U.S.", while the United States says it will halve the existing 15% tariffs. Director of National Intelligence John Ratcliffe calls China the greatest threat to America today, while the Commerce Department adds dozens of Chinese companies, including the countrys biggest chipmaker, Semiconductor Manufacturing International Corporation (SMIC), to its trade blacklist. Trump tweets that he intends to raise the tariffs rate on $200 billion of Chinese goods to 25% on May 10. [372] A 2018 Politico article documented the close partnership between the president of NAM Jay Timmons and President Trump and said that Timmons was fighting against Trump's trade war from within. In China, the trade war contributed to a slowdown in the rate of economic and industrial output growth, which had already been declining. Over the three-hour meeting, the leaders also discuss Russias war in Ukraine. ", Qiu, Larry D., Chaoqun Zhan, and Xing Wei. During his election campaign, Mr Trump said China was "raping" the US and hurting American businesses by selling things such as steel and aluminium cheaply. America imported $540 billion worth of products from China, but China imported only $120 billion of American products. February 5: Data from the Commerce Department of the United States showed the country's trade deficit falling amid the trade war for the first time in 6 years. The Joe Biden administration affirms Pompeos declaration; by the end of the year, it bans all imports from Xinjiang. [22] The resulting report, issued in March 2018, attacked many aspects of Chinese economic policy, focusing particularly on alleged technology transfer,[22] which the report stated cost the US economy $225 billion and $600 billion annually. After imposing tariffs, he denied entering into a trade war, saying the "trade war was lost many years ago by the foolish, or incompetent, people who represented the U.S." He said that the U.S. has a trade deficit of $500 billion a year, with intellectual property (IP) theft costing an additional $300 billion. Our Standards: The Thomson Reuters Trust Principles. ", Qiu, Larry D., and Xing Wei. China begins imposing a 5% duty on U.S. crude oil for the first time since the two countries began their trade war over a year ago. "[319][320], In August 2018, Hong Kong-based academic Willy Lam said that the trade war had galvanized all the previous misgivings which different countries in the West had toward China and undermined Chinese leader Xi Jinping's authority. Some businesses may not be able to afford paying extra for Chinese products and could be forced to cut jobs or even go bust. He urged both the U.S. and Chinese governments to change their approaches. [262][265] Farm equipment manufacturers were negatively affected by the reluctance of farmers to invest in new equipment, with sales dropping significantly during the first quarter of 2019. [398], In the wake of the 2020 Galwan Valley skirmish, Indian commentators made references to the US-China trade war as part of their overall analysis of the effect that the skirmish would have on the future relations between India and China. Of course, if they decide not to "take the hit" the increase could end up passed on to the customer. The Shanghai Communiqu was signed by the two nations on Feb. 27, 1972. The Chinese Foreign Ministry says the moves are in response to the U.S. governments decision earlier in the year to limit the number of Chinese journalists from five state-run media outlets in the United States to 100, down from 160, and designate those outlets as foreign missions. [346][358][359], A spokesperson for the USChina Business Council said that the tariffs were "deeply unpopular with American consumers and businesses who bear the cost". February 1, 2023 Recognizing Beijing as an emerging power, he calls on China to serve as a responsible stakeholder and use its influence to draw nations such as Sudan, North Korea, and Iran into the international system.
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