The US has been embroiled in a tit-for-tat trade battle on several fronts over the past few months.To get more
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The one that's creating the most interest is the conflict with China, as
the world's two largest economies wrangle for global influence. China
has accused the US of launching the "largest trade war in economic
history." Mr Trump has imposed taxes on imports from China, Mexico,
Canada and the EU, to encourage consumers to buy American products. All
of these countries have retaliated.
The US president's hard line on trade, which also saw him withdraw from the Trans-Pacific Partnership
trade pact (TPP) last year, marks a striking change from the free trade
policies that have governed the exchange of goods for decades.The US
has imposed three rounds of tariffs on Chinese products this year,
totalling $250bn worth of goods. The first two rounds placed 25% tariffs
on $50bn worth of imports from China, and Beijing retaliated in kind.
Washington delivered a sharp escalation in the trade conflict in
September with another set of tariffs, this time on Chinese goods worth
$200bn. Those taxes will take effect from 24 September, starting at 10%
and increasing to 25% from the start of next year unless the two
countries agree a deal. Mr Trump has warned even more could be on the
way. The US president said if China retaliates then Washington would
impose fresh tariffs on $267bn worth of Chinese products. If Trump goes
ahead with that round of import taxes, it would mean virtually all of
China's exports to the US would be subject to duties.
Mr Trump says he wants to stop the "unfair transfers of American technology and
intellectual property to China" and protect jobs. Tariffs, in theory,
will make US-made products cheaper than imported ones, so encourage
consumers to buy American. The idea is they would boost local businesses
and support the national economy.
But many US companies and industry groups have testified to the US Trade Representative's Office
that their businesses are being harmed. China: Trade war victim or
player? The early victims of Trump's trade war Six ways China could
retaliate in a trade war The dispute dates back to January, when the US
slapped controversial tariffs on imported washing machines and solar
panels.
That was considered Mr Trump's most significant trade move since his decision to pull the US out of the TPP and renegotiate
the North American Free Trade Agreement (Nafta). Is the US only in a
dispute with China? No. Earlier this year, the US started charging
levies on the imports of steel and aluminium from the European Union,
Mexico and Canada. US businesses have to pay a 25% tax when they import
steel from those places and a 10% levy to buy aluminium from them.
