What Is a Trade War?

A trade war, also known as a "commercial war," refers to some countries restricting the entry of other countries' products into their own markets by building high tariff barriers and non-tariff barriers, while competing for foreign markets through measures such as dumping and foreign exchange depreciation. Caused a series of retaliation and counter-retaliation measures.

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Trade war, also known as "commercial war", refers to the

On March 22, 2018, U.S. President Trump signed a presidential memorandum on tariffs on Chinese exports to the United States at the White House; on March 23, 2018, the Chinese Ministry of Commerce issued a suspension of 232 measures against U.S. steel and aluminum products The list of products is intended to impose tariffs on some products imported from the United States. ^[2]

The US Secretary of Commerce said on April 4, 2018 that the trade friction between China and the United States may eventually evolve into negotiations. ^[3]

On the evening of June 15th, Beijing time, the U.S. government released a list of tariff-increasing goods, which will impose a 25% tariff on about 50 billion US dollars of goods imported from China, of which about 34 billion dollars of goods have been imported since July 6, 2018. The tariff increase measures were implemented as of the date, and at the same time, public opinions were added to the tariffs of about 16 billion US dollars. ^[4]

The Customs Tariff Commission of the State Council issued an announcement on the 16th, deciding to impose a 25% tariff on 659 items of approximately US $ 50 billion imported from the United States, of which 545 items of approximately US $ 34 billion will be imposed on July 6, 2018. Tariffs involving agricultural products, automobiles, aquatic products, etc. ^[5]

On December 1, 2018, President Xi Jinping and President Trump met to reach an important consensus on the trade war, which is a common need of both sides. ^[6]

On May 9, 2019, the U.S. government announced that from May 10, 2019, the tariff rate on the 200 billion US dollars of goods imported from China will be increased from 10% to 25%. ^[7]

On May 13, 2019 ^[7] , in accordance with the laws and regulations of the People s Republic of China s Foreign Trade Law, the Import and Export Tariff Regulations of the People s Republic of China, and basic principles of international law, with the approval of the Party Central Committee and the State Council, Starting at 00:00 on June 1, 2019, the tariff increase rate will be increased for some of the 60 billion US dollars of US goods that have already been subject to additional tariffs, and 25%, 20%, or 10% additional tariffs will be implemented. The 5% tariff will continue to be imposed on the goods that have previously been subject to a 5% tariff. ^[7]