Let’s start with a tangent: the differences between socialism with Chinese characteristics and capitalism. Older generations often say, “To get rich, first build roads.” Infrastructure construction in China is funded by the state; in a capitalist society, these projects would be contracted out. In remote areas where there’s no profit to be made, companies wouldn’t be willing to take on such work. I don’t want to stray too far from the article’s main topic, but ordinary people may not feel much impact from the trade war. However, China’s high-end manufacturing has consistently been relatively weak. In my IT industry, memory, hard drives, CPUs, and graphics cards – the core components of a computer – all come from foreign factories. These parts account for 50% of the total cost of a machine. The development of high-end manufacturing is essential. A collision between China and the United States is inevitable.
References
- Please provide the Chinese text you want me to translate. I am ready when you are! Just paste the text here.
- Please provide the Chinese text you want me to translate. I am ready when you are! Just paste the text here.
Wikipedia
The Sino-American trade war (also known as the China–United States trade war, or Sino-American trade dispute/friction/dispute) was a trade war between the People’s Republic of China and the United States
The trade dispute originated when U.S. President Donald Trump signed a memorandum on March 22, 2018, claiming “China steals American intellectual property and business secrets” and directing the United States Trade Representative to impose tariffs on goods imported from China under Section 301 of the 1974 Trade Act, involving an estimated total value of $60 billion. On July 6, 2018, the U.S. imposed a 25% tariff on Chinese goods exported to the U.S., valued at $340 billion. The Ministry of Commerce of China responded with retaliatory measures, imposing a 25% tariff on U.S. goods exported to China, valued at $340 billion, including soybeans, a major U.S. export.
The US and China previously reached a consensus in May 2018 to suspend the trade war, issuing a joint statement seeking resolution. However, the USTR subsequently announced the first batch of tariffs on $500 billion worth of Chinese goods on June 16, raising the original 10% rate to 25%. In response, China’s State Council Tariff Commission implemented retaliatory measures, and the Ministry of Commerce restarted anti-dumping investigations on multiple US products. On July 6, the Trump administration formally imposed a 25% tariff on $340 billion worth of Chinese goods (with an additional $160 billion subject to tariffs on August 23), marking the formal implementation of Trump’s China tariffs. The Ministry of Commerce stated that the US had violated WTO rules and launched the largest trade war in economic history. Customs authorities confirmed that China’s retaliatory measures were implemented after the US tariffs took effect.
On December 1st at the G20 Buenos Aires summit, Chinese President Xi Jinping and U.S. President Donald Trump reached a consensus to initiate 90-day negotiations and suspend new trade measures during that period. After the March 1, 2019 deadline expired, the U.S. announced significant progress and extended the suspension of new trade measures.
On May 5, 2019, U.S. President Donald Trump announced tariffs of 25% on Chinese goods entering the United States valued at approximately $200 billion, bringing the total subject to tariffs to $250 billion. The measure took effect on June 1 for goods arriving at U.S. ports. On May 13, China’s State Council Tariff Commission announced that it would raise tariffs by 5% to 25% on certain imports from the United States valued at $60 billion, effective June 1. On June 1, the Office of the U.S. Trade Representative delayed the imposition of its 25% tariffs until June 15, while China’s State Council Tariff Commission stated that its tariff measures would take effect as scheduled on June 1.
On June 29, leaders Xi Jinping and Donald Trump met at the G20 Osaka Summit, agreeing to restart trade negotiations and for the US not to impose new tariffs on Chinese products
On August 1st, due to the Trump administration’s dissatisfaction with the progress of China’s purchases of U.S. agricultural products, Trump announced via Twitter that a 10% tariff would be imposed on all remaining Chinese goods imported into the United States starting September 1, 2019, amounting to $300 billion. On August 5th, the yuan-dollar exchange rate fell below 7. The same day, the U.S. Treasury Department declared China a currency manipulator. Subsequently, the Chinese government announced a suspension of purchases of U.S. agricultural products and on August 24th announced tariffs of 10% or 5% on approximately $75 billion worth of U.S. goods, as well as restoring tariffs on U.S. automobiles and their parts; the United States responded by increasing the tariff rate on the previously levied $300 billion in Chinese goods to 15%, and raising the existing 25% tariff on $250 billion in Chinese goods to 30%, but this was later suspended.
On January 16, 2020, China and the United States signed the Phase One trade agreement