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US, China trade war: Trump wants tariff on $200 billion of Chinese goods

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  • President Donald Trump wants to move forward with
    tariffs on another $200 billion worth of Chinese imports to the
    US, according to a new report.
  • The move would be a massive escalation of the trade war
    with China — over 50% of Chinese imports would be subject to
    tariffs.
  • US stock indexes fell following the news.

President Donald Trump is ready to take the trade war with China
to the next level, according to a new report.

Bloomberg reported Thursday that Trump has told aides that he
wants to follow through on a threat to impose tariffs on another
$200 billion worth of Chinese goods as early as next week. This
would mean that more than half of all Chinese imports would be
subject to tariffs.

The tariffs can go into effect after the public comment period
ends on September 6.

The list of goods that would get hit with the tariffs is still
being finalized, but the initial list showed a pronounced shift
in Trump’s trade war strategy. The new list includes many
consumer goods such as fabrics and hats, while previous tariffs
have
focused mostly on industrial goods
like machinery.

Following the report, US stock indexes slid, with the Dow Jones
industrial average off by 143 points, or 0.55%, as of 2:25 pm ET.

Here’s a timeline of the US-China trade war so far:

  • March 1: President Donald
    Trump announces tariffs on
    all imports of steel and aluminum
    , including metals from
    China.
  • March 22:Trump announces plans to
    hit
    $50 billion worth of Chinese goods with a 25%
    tariff.China announces
    tariffs
     in retaliation to the steel and
    aluminum duties and promises a response to the latest US
    announcement.
  • April 3: The US trade
    representative announces a
    list of Chinese goods
     subject to the
    tariffs. There is a mandatory 60-day comment period for
    industries to ask for exemptions from the tariffs.
  • April 4:China rolls out a
    list
     of more than 100 US goods worth
    roughly $50 billion that are subject to retaliatory tariffs.
  • May 19: After a meeting, the
    two countries announce the
    outline of a trade deal
     to avoid the
    tariffs.
  • May 29: The White House
    announces the tariffs on $50 billion of Chinese goods will move
    forward
    , with the final list of goods released June 15. The
    move appears to wreck the nascent trade deal.
  • June 15: Trump rolls out
    the final list of
    goods subject to new tariffs
    . Chinese imports worth $34
    billion would be subject to the new 25% tariff as of July 6,
    with another $16 billion worth of imports subject to the tariff
    at a later date.China
    retaliates
     with an equivalent set of
    tariffs.
  • June 18: Trump threatens a
    10% tariff
     on another $200 billion worth
    of Chinese goods.
  • July 6:The first tranche of tariffs on
    $34 billion worth of Chinese goods
     takes
    effect; China responds in kind.
  • July 10: The US releases
    an initial list
     of an additional $200
    billion worth of Chinese goods that could be subject to a 10%
    tariff.
  • August 1: Washington more
    than doubles the value of its tariff threats against Beijing,
    announcing plans to increase the size of proposed duties on
    $200 billion worth of Chinese goods to 25% from 10%.
  • August 3: China
    announces that the country
     will impose
    tariffs of various rates on another $60 billion worth of US
    goods if Trump moves forward with his latest threat.
  • August 7: The US announces
    that the second tranche of tariffs, which will hit $16 billion
    worth of Chinese goods, will go into effect on August 23.
  • August 23: The
    US imposes tariffs
    on another $16 billion worth of Chinese
    goods, and Beijing responds with tariffs on $16 billion worth
    of US goods.
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