US-China Trade Issues: US Applies Tariffs to All Imports from China
We look at recent developments in the US-China trade dispute.
- On August 1, US President Donald Trump announced he would impose an additional 10% tariff on a further $300 billion Chinese imports starting on September 1, in addition to the $250 billion in goods already subject to additional tariffs.
- This reverses what had been positive signs: On June 29, the US committed to not imposing tariffs on the further $300 billion worth of Chinese goods, but changed tack citing what it said was lack of progress in the talks.
- On August 2, China responded by saying it will take all necessary counter-measures, and on August 5, the currency sank to its lowest level in nearly a decade, lowering the cost of Chinese exports.