Trump getting ready go china trade
You're referring to the ongoing trade tensions between the United States and China. Here's a summary of the situation:
Background:
In 2018, the Trump administration imposed tariffs on $50 billion worth of Chinese goods, citing concerns over intellectual property theft and forced technology transfer. China retaliated with tariffs on $50 billion worth of US goods. The trade tensions escalated, with both sides imposing additional tariffs on each other's goods.
Recent developments:
In May 2019, the Trump administration announced plans to impose tariffs on an additional $300 billion worth of Chinese goods, effective June 1. China responded by allowing its currency, the yuan, to depreciate against the US dollar, which many saw as a de facto currency devaluation.
Latest developments:
On August 1, 2019, the Trump administration announced that it would delay the implementation of the additional tariffs on some Chinese goods, citing "progress" in trade talks. However, the tariffs on $250 billion worth of Chinese goods, which were set to take effect on September 1, were still implemented.
Current situation:
The trade tensions between the US and China remain unresolved. The two sides have been engaged in on-again, off-again trade talks, but no agreement has been reached. The Trump administration has continued to impose tariffs on Chinese goods, while China has retaliated with its own tariffs on US goods.
What's next:
The situation remains uncertain, but here are some possible scenarios:
- Tariffs continue to escalate: If the trade talks fail to produce a deal, the tariffs could continue to escalate, potentially leading to a full-blown trade war.
- Deal reached: If the two sides reach a deal, the tariffs could be rolled back, and a new trade agreement could be implemented.
- Partial agreement: The two sides could reach a partial agreement, which would involve reducing some tariffs while leaving others in place.
Impact on the economy:
The ongoing trade tensions have had significant impacts on the global economy, including:
- Slowing economic growth: The trade tensions have contributed to a slowdown in global economic growth, with many countries experiencing reduced trade volumes and economic activity.
- Inflation: The tariffs have led to higher prices for consumers, particularly for goods such as electronics and clothing.
- Job losses: The trade tensions have also led to job losses in industries such as manufacturing and agriculture.
Overall, the situation remains uncertain, and the outcome of the trade tensions between the US and China will have significant implications for the global economy.