Main Development in Trump’s Trade War
The decision of US President Donald Trump since he served on January 20 has shocked the financial markets and sent a wave of uncertainty through the global economy.
The following is the time line of the main developments:
February 1 – Trump charges a 25% rate on Mexican imports and most Canada and 10% of goods from China, demanding that they curb Fentanyl and illegal immigrants to the US to the US
3 February-Trump approved a 30-day break in the threat of tariffs in Mexico and Canada in return for concessions about borders and crime enforcement. The US did not reach such an agreement with China.
February 10 – Trump raised steel and aluminum tariffs to 25%flat.
March 3, Trump said the 25% tariff on goods from Mexico and Canada would be valid from March 4 and doubles related to Fentanyling in all Chinese imports to 20%.
March 6 – Trump frees goods from Canada and Mexico under the North American trade pact for a month.
March 26 – Trump revealed a 25% tariff for imported cars and light trucks.
April 2 – Trump announced global tariffs with a 10% base line in all imports and much higher tasks in several countries.
April 9-Trump stopped for 90 days most of the specific tariffs of the country which kicked less than 24 hours before and caused upheaval in the financial market. The task of a blanket 10% in almost all US imports remains in its place.
Trump said he would raise Chinese import tariffs to 125% from the 104% level which came into force the day before, encouraging additional tasks for Chinese goods to 145%.
May 9 – Prime Minister Trump and England Keir Starmer announced a limited bilateral trade agreement which left 10% of British export tariffs and reduce the export task of British cars.
May 12 – US and China agreed to cut temporary tariffs. Under the 90 -day ceasefire, the US will cut the extra tariff charged on Chinese imports to 30%, while Chinese duties over US imports will be trimmed to 10%of 125%.
May 23 – Trump warns that the apple will face a 25% tariff if the telephone sold in the US is produced outside the country.
May 29 – The federal appeal court temporarily returned the most sweeping Trump tariff, stopping the lower court decisions before to consider the government’s appeal.
June 3 – Trump signs the executive proclamation which activates an increase in steel and aluminum tariffs up to 50% from 25%.
3 July-Trump said the US would place a 20% tariff on many Vietnamese exports, with trans-capal from the third country through Vietnam facing a 40% levy.
6 July-Trump tells the social truth that countries that are in line with “anti-American policies” from BRIC will be charged an additional 10%rate.
July 7 – Trump said that the social truth of additional additional tasks announced will appear on August 1. In a letter sent to 14 countries including Japan, South Korea and Serbia, he said that it would include tariffs between 25% and 40%.
July 10 – Trump said the US would impose a 35% tariff on imports from Canada in August and plans to impose a blanket tariff of 15% or 20% on most other trading partners.
July 15 – Trump said the US would impose a 19% tariff on goods from Indonesia based on the New Testament.
July 22 – Trump reaches a trade agreement with Japan which includes a reduction in car import rates to 15%.
July 27 – The US reached a trade agreement with the European Union, which imposed a 15% import tariff on most of the EU goods.
July 28 – Trump said that most trading partners who did not negotiate separate trading agreements would soon face a 15% to 20% tariff.
July 30 – Trump said the US would impose a 25% tariff on imported goods from India, and place a 50% tariff on most Brazilian goods, with a softer quota for sectors such as airplanes, energy, and orange juice.
The US reached an agreement with South Korea, reducing the planned levy to 15%.
He said the 50% tariff on copper and cable pipes would also kick on August 1.
July 31 – Trump signs executive orders that impose import tariffs ranging from 10% to 41% in 69 trading partners ahead of the deadline for trade agreements.
He issued an assignment to raise separate orders on Canadian goods which were subject to tariffs related to Fentanyl to 35%, from the previous 25%.
He gave Mexico to suspend a sentence of 90 days from a higher tariff of 30% on many goods to provide time to negotiate a broader trade pact.
August 6 – Trump charges an additional 25% rate on goods from India, saying the country directly or indirectly imports Russian oil.
Source: Reuters
