Trade

Need to Know: #China#EUTariffs#Deescalation

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Drew
Chapman

Timeline ⏳

Aug 5, 2019

China Strikes Back in Trade War, Sparking Fall in Global Market

  • The Chinese government allows the yuan, their national currency, to weaken, shaking global markets.

  • The U.S. Treasury accuses the People’s Bank of China, China’s central bank, of manipulating the yuan to drop in value.

  • The devaluing makes goods cheaper to ship abroad and harder for U.S. importers in China.

  • The move causes stock market to fall in many countries including the U.S., Japan and Britain. 

Aug 1, 2019

Trump Announces More U.S. Tariffs on Chinese Goods

  • Trump tweets that the U.S. will extend its tariffs on Chinese goods to “the remaining 300 Billion Dollars of goods and products coming from China.”

  • The decision means Chinese toys, clothing, shoes and electronics like iPhones will now be penalized.

  • Trump says that the tariffs are the result of China failing to fulfill promises, but according to the WSJ, the move will likely come at the cost of rattling U.S. markets and annoying consumers and voters.

Jul 22, 2019

New Stats Underline Change to U.S.-China Economies

For the first time ever, China has more companies listed on the Fortune 500 than the U.S., reflecting a shift in economic power over the last three decades. At the same time, the NYT reports that Chinese investment in the U.S. is drying up due to trade war pressures. Since 2016, Chinese investment has fallen from $46.5 billion to $5.4 billion in 2018, per the NYT.

Jul 2, 2019

U.S. Threatens to Impose Additional Tariffs Against European Union

The U.S. Trade Representative Office threatens the European Union with tariffs on an estimated $4 billion worth of goods. The threat hinges on the outcome of a World Trade Organization case involving what the U.S. calls unfair subsidies for plane manufacturer Airbus

Jun 29, 2019

Deescalation in U.S./China Trade War As Negotiations Resume At G20 Summit

President Trump meets with China’s Xi Jinping at the G20 Summit in Japan, telling reporters later that China and U.S. are now “back on track” with trade talks. The meeting signals a deescalation in the ongoing trade war between the two countries. Going in, Xi Jinping sought to discuss the U.S. ban on Huawei and successfully negotiates lifting the ban, as well as a promise from Trump that no new tariffs will be imposed on China

May 30, 2019

Trump Threatens Mexico With Tariffs Because of Increase in Migrants at Southern Border

In a tweet, Trump says that he will impose tariffs as punishment on Mexico because of the influx of migrants to the southern border. Republicans respond by threatening to block any new tariff. Four days later, Trump rescinds the threat of tariffs, citing Mexico's agreement to help with immigrant flow at the U.S.- Mexico border. 

May 13, 2019

China Raises Tariffs on U.S.

In response to Trump raising tariffs on Chinese goods, China raises their tariffs on U.S. goods, further increasing tensions in the ongoing trade war. Neither countries’ tariffs on each other will go into effect immediately, so there remains time for the two countries to make a deal. But with Trump’s advisers such as Richard Lighthizer focused on China’s practices of “economic aggression,” many in both China and the U.S. fear this trade war could continue for years

May 5, 2019

Trump Raises Tariffs on China

In a series of tweets, Trump says that in an effort to avoid a bad deal, he will be raising tariffs on Chinese goods, stirring the pot for trade talks scheduled to begin on Thursday between the two countries. Chinese and U.S. businesses are surprised by the renewed turmoil

Apr 26, 2019

U.S. and Japan Push for New Trade Deal

President Trump and Japanese Prime Minister Shinzo Abe conducted meetings at the White House on Friday in the hopes of achieving a bilateral trade deal following the dismantling of Trans- Pacific Partnership. While they differ in consensus on car tariffs between the two countries, their shared interest in agricultural trade bring hope to repairing their relationship that was challenged by the ending of the TPP. However, as talks between the U.S. and North Korea continue, the U.S.-Japan relationship will continue to see conflict, as Abe has disagreed with Trump’s meetings with Kim Jong-Un

Apr 17, 2019

New U.S. Sanctions on Venezuela

In the latest of two years of increased sanctions on Venezuela, the Trump Administration announced Wednesday that the U.S. would be cutting of the Central Bank of Venezuela’s access to the U.S., limiting its ability to continue international banking. National Security Advisor John Bolton stated that with this new move, “the walls are closing in” on Maduro, but international support for the leader indicate the trade war may not be over just yet

Apr 8, 2019

Trump Ends Deal Between MLB and Cuban Baseball Federation

Due to pressure surrounding Cuba’s support of Venezuela, President Trump nixes an Obama deal that allowed Cuban Baseball Federation players to sign to U.S. teams without needing to defect from their country. The Trump administration stated that the deal violated trade laws because the federation was connected to Cuba’s government, but the Cuban Baseball Federation responded stating the ending of the deal would mean a continuation of human trafficking

Mar 5, 2019

U.S. Strips India and Turkey of Special Tariff Status

President Trump announces that he is removing India and Turkey from the U.S.’s Generalized System of Preferences program which grants developing countries tariff exemptions when importing to the U.S. While Turkey, according to the Office of U.S. Trade Representative, has developed enough to no longer need the exemptions, the suspension could hurt Indian as well as U.S. companies

Mar 4, 2019

Trump Administration Restores E.U.’s Diplomatic Status

U.S. Ambassador Gordon Sondland announces that the U.S. will rescind its diplomatic demotion of the E.U. issued in January. Despite disagreement on both sides of each others’ respective international maneuvers, each stated the necessity of the other for their economic success. Members of the  E.U., represented by trade chief Cecilia Malmstrom, hope the move will help a potential trade war over car tariffs

Feb 24, 2019

Trump Extends the March 1 Deadline for Raising Tariffs on China

In a series of tweets, President Trump states that the U.S. and China are making progress on trade negotiations and as a result, he will push back a planned U.S. tariff increase on China. However, given the rocky relationship shared between the U.S. and China recently, the current calm is feared by many, including Paul Krugman, to be the quiet before the storm

Feb 12, 2019

U.S. and Germany Diffuse Energy Dispute

After turning to Russia for natural gas last year and souring relationships with the U.S., Germany agrees to help finance a port that would bring liquified gas to Germany from the U.S. The agreement comes with tension still surrounding a Russian pipeline, known as Nord Stream 2, that would make Russia a main supplier of gas to Germany. But with this new agreement, the U.S. will have a better shot at competing with Russia for Germany’s oil supply. Still, Dan Brouillette, the United States deputy secretary of energy, said the U.S. will be watching Germany closely

Jan 30, 2019

Trump Signs Executive Order Continuing 'Buy American' Campaign

President Trump signs an executive order that demands more federal funds funneled towards American companies. Amidst a trade war with China, the bill is hoped to add stimulus to the American economy, but critics, such as Senator Chuck Schumer, believe it is an empty promise. 

Jan 28, 2019

Huawei Charged With Variety of Crimes Including Selling Trade Secrets

Acting Attorney General Matthew Whitaker lays out indictments against Chinese tech giant Huawei in a press conference, charging the company with crimes including bank fraud and theft of trade secrets. An ongoing issue, Huawei was first accused of crimes by a bipartisan House Intelligence Committee report in 2012. The charges, while long coming, raise questions about the future of technological security, as well as trade relationships between U.S. and Chinese tech companies

Jan 9, 2019

U.S. and China Wrap Up Trade Talks After Third Day Extension

After negotiations extended to a third day, China and the U.S. closed trade talks without protection from the looming threat of increased tariffs on each other. Despite the lack of a definitive deal, many, including the former commissioner of the United States International Trade Commission are optimistic for the potential progress to be made following these peaceful talks. 

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