Trump Administration Announces 25% Tariff On Approximately 1,300 Chinese Products Valued At $50 Billion Per Year; China Responds With $50 Billion In Tariffs On American Products; Treasury Secretary Steve Mnuchin Puts “Trade War” “On Hold”
“Trump signed a presidential memorandum Thursday [March 22, 2018] directing his trade representative to draw up a long list of Chinese products to which the tariffs would be applied. The list will be made public in 15 days, and the tariffs would take effect after a period of public comment.”
On Tuesday April 3, 2018 the Trump Administration announced a 25% tariff on approximately 1,300 different Chinese products, focusing mostly on technology and machinery. The total dollar amount of products affected by the tariffs is approximately $50 billion each year.
In response to these tariffs of Chinese products, “China issued a list of tariffs against $50 billion in U.S. goods, including soybeans and small aircraft.”
Trump then threatened an additional $100 billion of tariffs on Chinese products.
On Sunday May 20, 2018, “Treasury Secretary Steven Mnuchin said the Trump administration is putting its trade war with China “on hold” after two days of talks in Washington that he said had produced agreement on increased Chinese purchases of American products and measures to make it easier for U.S. companies to operate in China.”