In the first-step agreement, the U.S. dropped its plan to impose new tariffs on $160 billion of Chinese imports and agreed to trim existing import taxes on about $112 billion in Chinese goods. In return, the U.S. said China agreed to buy $40 billion a year in farm products over two years.
U.S. tariffs will remain in place against Chinese imports while negotiations continue. Additional trade penalties President Trump has threatened against billions worth of other Chinese goods will not take effect for the “time being.”
Seeking to rally support for its side in the tariff war, Beijing is vehemently protesting the Trump administration's decision last week to impose controls on exports of computer chips and other key components.
U.S. paper mills are expanding capacity to take advantage of a glut of cheap scrap. Some facilities that previously exported plastic or metal to China have retooled so they can process it themselves.
The White House said Friday that President Trump is delaying for six months any decision to slap import taxes on foreign cars, a move that would hit Europe and Japan especially hard.
Last week, President Donald Trump announced plans to increase tariffs from 10% to 25% on $200 billion worth of Chinese imports that include a wide variety of products like aluminum and steel, frozen fish and meat and wood.
The president’s comments dim hopes that round-the-clock trade negotiations between the world’s two biggest economies could lead to them removing the roughly $360 billion in tariffs they’ve imposed on each other’s imports.
Senate candidate Mike Braun has downplayed his company’s use of foreign-made goods, but his parts brand, Promaxx Automotive, includes products that were manufactured abroad, according to a review by The Associated Press.
Customs officials will begin collecting the border tax Aug. 23, the Office of the U.S. Trade Representative said. The list is heavy on industrial products such as steam turbines and iron girders.
Lawmakers went on record Wednesday to express their frustration with the Trump administration's growing use of tariffs as the Senate passed a nonbinding resolution designed to give Congress more say about trade penalties.
The opening shots were fired when the Trump administration imposed a 25 percent tariff on $34 billion of imports from China, and Beijing promptly retaliated with duties on an equal amount of American products.
Economist Michael Hicks says tariffs proposed by the Trump administration could result in job losses and GDP reductions starting this year.
The European Union is set Friday to slap tariffs on $3.4 billion in American products. India and Turkey have already targeted products ranging from rice to autos to sunscreen. And a showdown with China still looms.
President Trump has ordered tariffs on $50 billion in Chinese goods in response to Beijing’s forced transfer of U.S. technology and alleged intellectual property theft, and threatened to impose duties on $400 billion more.
In announcing the tariffs, President Donald Trump said he was fulfilling a campaign pledge to crack down on what he contends are China’s unfair trade practices and its efforts to undermine U.S. technology and intellectual property.
The Trump administration on Wednesday launched an investigation into whether tariffs are needed on the imports of automobiles into the United States, moving swiftly as talks over the North American Free Trade Agreement have stalled.
Exports rose in March to a record $208.5 billion, led by shipments of civilian aircraft and soybeans. Imports slipped 1.8 percent, to $257.5 billion.
As the United States and China face off over tariffs and trade policy, some of Indiana’s most important industries are right at the center of the dispute.
President Trump’s surprise move came a day after Beijing announced plans to tax $50 billion in American products, including soybeans and small aircraft, in response to a U.S. move this week to slap tariffs on $50 billion in Chinese imports.