Everything you need to know about the trade war and tariffs
Tariffs are taxes on foreign imports. Tariffs typically get paid by licensed importers and the revenue generated go to the U.S. Treasury. In general, tariffs increase the prices that U.S. businesses and consumers pay for foreign products while decreasing competition for domestic producers of these products.
Since 2018 the United States has increased tariffs on some 12,000 products covering over $300 billion (12.6%) of 2017 annual imports. The average tariff level has increased from 2.6% to over 17% since 2017. Countries whose goods have been targeted by U.S. tariffs have retaliated by placing higher tariffs on American imports. This widening escalation of tariff increases, or trade war, now impact thousands of products and millions of businesses around the world.
May 13, 2019 – China retaliates with higher tariffs on 60 billion worth of U.S. goods
Impact: 20-25 percent on 5207 American products valued at 60 billion dollars worth of American products including a wide range of intermediate and capital equipment goods.
The full list of products can be found here.
May 10, 2019 – U.S increases Tariffs on List 3 Chinese Goods from 10 to 25 percent
Impact: 25 percent on 200 billion dollars worth of Chinese products including a wide range of consumer, intermediate, and capital goods. The full list of products can be found here.
December 1, 2018 – U.S. and China announce tariff truce
Impact: The U.S. and China announce a deal to halt the escalation of section 301 tariffs that were expected in January while they continue to negotiate. The U.S. stated that if no agreement is reached by March 1, 2019, the 10 percent tariffs on List 3 goods will be raised to 25 percent. This deadline was extended in February, but the trade talks later broke down in May.
September 24, 2018 – China retaliates with tariffs on 60 billion worth of U.S. goods
Impact: 5-10 percent on 5207 American products valued at 60 billion dollars worth of American products including a wide range of intermediate and capital equipment goods. The full list of products can be found here.
September 24, 2018 – Third-round China Tariffs on 200 billion worth of Chinese Imports
Impact: 10 percent on 200 billion dollars worth of Chinese products (List 3) including a wide range of consumer, intermediate, and capital goods. The full list of List 3 products can be found here.
August 23, 2018 - China retaliates with tariffs on 16 billion worth of U.S. Exports
Impact: 25 percent on 333 American products worth 16 billion dollars including coal, copper, fuel, buses, and medical equipment.
The full list of products can be found here.
August 23, 2018 - Second-round China Tariffs on 16 billion worth of Chinese Imports
Impact: 25 percent on 279 Chinese products (List 2) worth 16 billion dollars including semiconductors, chemicals, plastics, and motorbikes.
The full list List 2 of products can be found here.
July 6, 2018 - China retaliates with tariffs on 34 billion worth of U.S. Exports
Impact: 25 percent on 279 Chinese products (List 1) worth 16 billion dollars including semiconductors, chemicals, plastics, and motorbikes. The full list List 2 of products can be found here.
July 6, 2018 - First-round China Tariffs (Section 301) on 34 billion worth of Chinese Imports
Impact: 25 percent on 818 Chinese products (List 1) valued at 34 billion dollars including semiconductors, chemicals, plastics, and motorbikes. The full list List 1 of products can be found here.
July 1, 2018 - Canada retaliates with tariffs on 12.8 billion worth of U.S. Exports
Impact: 10-25 percent tariffs on American products such as steel, aluminum, and various agricultural and foods valued at 12.8 billion dollars.
June 22, 2018 - European Union retaliates with tariffs on 3.2 billion worth of U.S. Exports
Impact: 10-50 percent tariffs on American products such as bourbon whiskey, motor boats and yachts, motorcycles, blue jeans, and corn valued at 3.2 billion dollars. April 2, 2018: China retaliates with tariffs on 2.4 billion worth of U.S. Exports Impact: 15-25 percent tariffs on American products such as aluminum waste and scarp, pork, fruits and nuts valued at 2.4 billion dollars. This is comparable to the 2.8 billion Chinese exports covered by the US steel and aluminum tariffs.
March 23, 2018 - Tariffs on Steel and Aluminum (Section 232) Imports go into Effect
Impact: 25 percent tariffs on steel and 10 percent tariffs on aluminum products valued at 48 billion dollars when initially announced on March 1. Exemptions were announced later to exclude some countries and delay implementation for others so that final value of imports affected is valued at 17.9 billion dollars.
January 22, 2018 - Tariffs on Solar Panels and Washing Machines
Impact: 8.5 billion in imports of solar panels and $1.8 billion of washing machines. China retaliated in February with tariffs on U.S. exports of sorghum and filed a WTO dispute against the U.S. in August.