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President Donald Trump skyrocketed the rhetoric of the trade war with China on Friday, threatening tariffs on $ 267 billion worth of Chinese goods.
Speaking with reporters on Air Force One, Mr Trump said the long-threatened tariffs on the $ 200 billion of Chinese goods would be "very soon" – with others underway.
"I hate doing that, but behind that, there's another $ 267 billion ready to go on short notice if I want to," said Trump.
If Trump follows these two threats, tariffs will be imposed on $ 517 billion worth of Chinese goods in the United States – almost all from the country. Last year, the United States imported $ 505 billion worth of goods from China.
A White House spokeswoman, Lindsay Walters, told reporters that the US Trade Representative's office had no deadline and would continue to "carry out its process" on the $ 200 billion tariff.
China has threatened to retaliate with US $ 60 billion in tariffs on US goods, which means that almost all US goods shipped to China would be subject to tariffs.
The back and forth is the culmination of months of threats and negotiations.
Trump first threatened US $ 50 billion worth of Chinese goods in March, in response to US allegations of intellectual property theft in China. Since then, both parties have lobbied threats and tariffs to try to roll back the other party.
Economists argue that Trump's tariffs will result in higher product costs for US businesses and consumers. This could slow down business investment and reduce consumer spending, resulting in an economic slowdown. Already, some small US companies have said that rates have made them fired workers and reduced their growth plans.
US stock indexes fell after Friday's news, as the Dow Jones industrial average fell by about 140 points, or 0.55%, to 12:45. AND.
Here is a calendar of the American-Chinese trade war up to now:
- 1st of March: President Donald Trump announces tariffs on all imports of steel and aluminum, including metals from China.
- March 22: Trump announces its intention to impose tariffs of 25% on Chinese products worth $ 50 billion. China announces tariffs in retaliation for steel and aluminum rights and promises a response to the latest US announcement.
- April 3: The US sales representative announces a list of Chinese products subject to tariffs. There is a mandatory 60-day comment period for industries to request rate exemptions.
- April 4th: China publishes a list of more than 100 US products worth about 50 billion, subject to retaliatory tariffs.
- May 21st: After a meeting, the two countries announce the outline of a commercial agreement to avoid tariffs.
- May 29: The White House announces that tariffs of $ 50 billion on Chinese products will progress, with the final list of products published on June 15. This decision appears to undermine the nascent trade agreement.
- June 15th: Trump rolls out the final list of products subject to new tariffs. Chinese imports worth $ 34 billion would be subject to tariffs of 25% as of July 6, and an additional $ 16 billion of imports subject to tariffs at a later date . China responds with a set of equivalent tariffs.
- June 18: Trump threatens 10% of tariffs on another $ 200 billion worth of Chinese products.
- July 6th: The first $ 34 billion tariff of Chinese products takes effect; China responds in kind.
- July 10th: The US is issuing an initial list of an additional $ 200 billion worth of Chinese products that may be subject to a 10% tariff.
- August 1: Washington more than doubles the value of its tariff threats against Beijing, announcing plans to increase the size of proposed tariffs on $ 200 billion of Chinese products to 25% from 10%.
- August 3: China has announced that it would impose tariffs of various rates on $ 60 billion worth of US goods if Trump moved forward with his latest threat.
- August 7th: The United States announces that the second tariff tranche, which will reach $ 16 billion worth of Chinese goods, will come into effect on August 23.
- August 23: The United States imposes tariffs on a value of $ 16 billion worth of Chinese goods, and Beijing responds with tariffs on US products worth $ 16 billion.
