Global InformationTrump tariffs information
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The Trump tariffs (sometimes referred to in media as the Trump-China trade war) were protectionist trade initiatives during the Trump administration against Chinese imports. During the presidency of Donald Trump, a series of tariffs were imposed on China as part of his "America First" economic policy to reduce the United States trade deficit by shifting American trade policy from multilateral free trade agreements to bilateral trade deals. In January 2018, Trump imposed tariffs on solar panels and washing machines of 30 to 50 percent.[1] In March 2018, he imposed tariffs on steel (25%) and aluminum (10%) from most countries,[2][3][4] which, according to Morgan Stanley, covered an estimated 4.1 percent of U.S. imports.[5] In June 2018, this was extended to the European Union, Canada, and Mexico.[3] The Trump administration separately set and escalated tariffs on goods imported from China, leading to a trade war.[6]
The tariffs angered trading partners, who implemented retaliatory tariffs on U.S. goods.[7] In June 2018, India planned to recoup trade penalties of $241 million on $1.2 billion worth of Indian steel and aluminum,[8] but attempted talks delayed these until June 2019 when India imposed retaliatory tariffs on $240 million worth of U.S. goods.[9] Canada imposed matching retaliatory tariffs on July 1, 2018.[10][11] China implemented retaliatory tariffs equivalent to the $34 billion tariff imposed on it by the U.S.[12] In July 2018, the Trump administration announced it would use a Great Depression-era program, the Commodity Credit Corporation (CCC), to pay farmers up to $12 billion, increasing the aid to $28 billion in May 2019.[13] The USDA estimated that aid payments constituted more one than one-third of total farm income in 2019 and 2020.[14][15]
Tariff negotiations in North America were relatively more successful, with the U.S. lifting the steel and aluminum tariffs on Canada and Mexico on May 20, 2019, joining Australia and Argentina in being the only nations exempted from the regulations.[16][17] However, on May 30, Trump unilaterally announced his intention to impose a five percent tariff on all imports from Mexico beginning on June 10, with tariffs increasing to ten percent on July 1, and by another five percent each month for three months, "until such time as illegal migrants coming through Mexico, and into our Country, STOP", adding illegal immigration as a condition for U.S.-Mexico tariff negotiations. The move was seen as threatening the ratification of the United States–Mexico–Canada Agreement (USMCA), the North American trade deal set to replace the North American Free Trade Agreement (NAFTA).[18] The tariffs were averted on June 7 after negotiations.[19]
A May 2019 analysis conducted by CNBC found Trump's tariffs are equivalent to one of the largest tax increases in the U.S. in decades.[20][21][22] Studies have found that Trump's tariffs reduced real income in the United States, as well as adversely affecting U.S. GDP.[23][24][25] Some studies also concluded that the tariffs adversely affected Republican candidates in elections.[26][27][28]
- ^ Gonzales, Richard (January 22, 2018). "Trump Slaps Tariffs On Imported Solar Panels and Washing Machines". NPR. Archived from the original on October 21, 2019. Retrieved March 14, 2018.
- ^ Horsley, Scott (March 8, 2018). "Trump Formally Orders Tariffs on Steel, Aluminum Imports". NPR. Archived from the original on December 31, 2019. Retrieved March 14, 2018.
- ^ a b Long, Heather (May 31, 2018). "Trump has officially put more tariffs on U.S. allies than on China". The Washington Post. Archived from the original on December 6, 2019. Retrieved June 2, 2018.
- ^ The President also authorized the Department of Commerce to provide relief, or exclusion, from these tariffs for U.S. steel and aluminum importers in certain circumstances, such as when the product is not available domestically or based on national security considerations. See "Steel and Aluminum Tariffs: Commerce Should Improve Its Exclusion Request Process and Economic Impact Reviews". and "Steel and Aluminum Tariffs:Commerce Should Update Public Guidance to Reflect Changes in the Exclusion Process". U.S. Government Accountability Office. Retrieved January 12, 2022.
- ^ Chance, David (March 5, 2018). "Trump's trade tariffs: Long on rhetoric, short on impact?". Reuters. Archived from the original on September 23, 2019. Retrieved March 9, 2018.
- ^ "As Trump's trade war starts, China retaliates with comparable tariffs of its own". The Washington Post. Archived from the original on December 5, 2019. Retrieved July 6, 2018.
- ^ "US tariffs a dangerous game, says EU". BBC News. June 1, 2018. Archived from the original on December 31, 2019. Retrieved June 2, 2018.
- ^ "India moves ahead with tariffs on US goods". CNN. June 17, 2018. Archived from the original on December 8, 2019. Retrieved August 3, 2020.
- ^ "India imposing increased, retaliatory tariffs on US exports including apples, almonds". USA Today. June 16, 2019. Archived from the original on December 28, 2019. Retrieved June 17, 2019.
- ^ Kate Rooney (June 29, 2018). "Canada makes retaliatory tariffs official: 'We will not back down'". CNBC. Archived from the original on December 16, 2019.
- ^ Daniel Wolfe, The full list of 229 US products targeted by Canada's retaliatory tariffs Archived December 4, 2019, at the Wayback Machine, Quartz (June 29, 2018).
- ^ Lawder, David. "Trump sets tariffs on $50 billion in Chinese goods; Beijing strikes ..." U.S. Archived from the original on October 19, 2019. Retrieved September 16, 2018.
- ^ Swanson, Ana (May 23, 2019). "Trump Gives Farmers $16 Billion in Aid Amid Prolonged China Trade War". The New York Times. Archived from the original on May 23, 2019. Retrieved May 23, 2019.
- ^ "Trade War with China Took Toll on U.S., but Not Big One". The Wall Street Journal. January 12, 2020. Archived from the original on January 16, 2020. Retrieved January 16, 2020.
- ^ Kirwan, Hope (September 23, 2020). "More Than 40 Percent Of 2020 Farm Income Projected To Come From Federal Payments". Wisconsin Public Radio. Archived from the original on January 5, 2021. Retrieved December 11, 2020.
- ^ "Australia exempted from US tariffs on steel and aluminium". SBS News. Archived from the original on May 13, 2019. Retrieved September 16, 2018.
- ^ "US reaches deal to lift steel and aluminum tariffs on Canada and Mexico". CNBC. May 17, 2019. Archived from the original on May 22, 2019. Retrieved May 17, 2019.
- ^ Cite error: The named reference
NewMexicanwas invoked but never defined (see the help page). - ^ "Trump claims he's reached deal with Mexico". Axios. June 7, 2019. Archived from the original on September 23, 2019. Retrieved June 8, 2019.
- ^ Liesman, Steve (May 16, 2019). "Trump's tariffs are equivalent to one of the largest tax increases in decades". CNBC. Archived from the original on May 17, 2019. Retrieved May 17, 2019.
- ^ Keshner, Andrew. "Trump's escalating trade war with China could wipe out benefits from his tax reform". MarketWatch. Archived from the original on May 17, 2019. Retrieved May 17, 2019.
- ^ "For Many Households, Trump's Tariffs Could Wipe Out The Benefits of the TCJA". Tax Policy Center. May 14, 2019. Archived from the original on May 17, 2019. Retrieved May 17, 2019.
- ^ Cite error: The named reference
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:7was invoked but never defined (see the help page). - ^ Chyzh, Olga V.; Urbatsch, Robert (April 20, 2020). "Bean Counters: The Effect of Soy Tariffs on Change in Republican Vote Share between the 2016 and 2018 Elections". The Journal of Politics. 83: 415–419. doi:10.1086/709434. ISSN 0022-3816. S2CID 148566009. Archived from the original on October 29, 2020. Retrieved October 7, 2020.