BBC – “A full-scale trade war with China and the US is in prospect after President Donald Trump threatened to impose tariffs of more than 100% on Chinese goods imports from Wednesday 9 April. China has said it will “fight to the end” rather than capitulate to what it sees as US coercion, and has already raised its own trade barriers against the US in response. What does this escalating trade conflict mean for the world economy? How much trade do they do? The trade in goods between the two economic powers added up to around $585bn (£429bn) last year. Though the US imported far more from China ($440bn) than China imported from America ($145bn).
- See also BBC Live Updates on this story
- See also White House Executive Order – Amendment to Reciprocal Tariffs and Updated Duties as Applied to Low-Value Imports from the People’s Republic of China
- See also Vox – Trump’s tariffs are an opportunity for China. Can Beijing seize it? Is America remaking the global economy or leaving it to its rival?
- See also New York Times Live Updates: Trade War Escalates as China Hits Back Again at U.S. – After President Trump imposed a 104 percent tariff on Chinese goods, Beijing announced a levy on U.S. goods of 84 percent. Stocks and bonds slumped as Europe also prepared to retaliate against the United States.
- See also Washington Post – “We’re going to raise about $100 billion with the auto tariffs alone … In addition, the other tariffs are going to raise about $600 billion a year, about $6 trillion over a 10-year period.” — Peter Navarro, senior counselor to President Donald Trump, interview on Fox News on March 30 – As soon as Navarro made this bold statement, we contacted the White House for an explanation of his math. We were told to wait until after the president made his announcement of the tariff plan on April 2. During the speech, after Trump claimed the tariffs would raise “trillions and trillions of dollars to reduce our taxes and pay down our national debt,” we again asked for the numbers — and were told to wait until the speech was over. We asked again two more times. We’re still waiting for an answer. But that hasn’t stopped other experts from running the numbers — and finding Navarro’s claim implausible…”
- See also Washington Post – China raises tariffs in response to Trump; global markets fall “China increases levies on U.S. as Trump’s 104% tariffs take effect; stocks sink. Markets in Asia and Europe slumped as tariffs on products from 86 countries kicked in and Trump signaled a new tariff on pharmaceuticals. China said it would protect its economy but that it was also open to dialogue.”
