What do you know about the US-China trade war?

The US-China trade war, which began in 2018 under former US President Donald Trump, has resulted in both nations paying higher taxes to bring in goods from the opposing country.

How US-China trade war affect the world?

A 2019 report from Bloomberg Economics estimated that the trade war would cost the U.S. economy $316 billion by the end of 2020, while more recent research from the Federal Reserve Bank of New York and Columbia University found that U.S. companies lost at least $1.7 trillion in the price of their stocks as a result of …

What happens when the US feels that China isn’t living up?

For example, the U.S. feels that China isn’t living up to its trade obligations, and thus that actions need to be taken. These usually result in trade embargoes or tariffs that can raise the costs of imports for the offending nation.

How much does the United States trade with China?

As of July 2018, the United States exported a total of $74.3 billion in goods to China. It imported $296.8 billion, according to the U.S. Census Bureau. As a result, the total trade deficit with China is $222.6 billion. A monthly breakdown is in the chart.

What is wrong with China-US relations?

In recent years, China-US relations have run into unprecedented difficulties. Fundamentally, it comes down to serious misconceptions of U.S. policymakers about China. Some see China as the so-called biggest threat and their China policy based on this misperception is simply wrong.

What is being done to reduce the US trade deficit with China?

What’s Being Done. President Trump promised to lower the trade deficit with China. On March 1, 2018, he announced he would impose a 25\% tariff on steel imports and a 10\% tariff on aluminum. On July 6, 2018, Trump’s tariffs went into effect for $34 billion of Chinese imports.