As rhetoric on global trade ratchets higher, here’s a look at what new tariffs have been imposed and what has been threatened this year, as the U.S. and China each imposed levies on $34 billion worth of the opposing country’s goods on Friday.
|Imposer||Target||Subject||Rate||Imposed or threatened|
|U.S.||China, South Korea and Mexico||Washing machines||20%-50%||Imposed|
|U.S.||Most countries, notably China||Solar panels||30%||Imposed|
|U.S.||European Union, Canada, Mexico and most other countries||Steel||25%||Imposed|
|U.S.||European Union, Canada, Mexico and most other countries||Aluminum||10%||Imposed|
|European Union||U.S.||Bourbon, orange juice, jeans and other products||25%||Imposed|
|Mexico||U.S.||$3 billion of U.S. goods including steel and pork||20%-25%||Imposed|
|Canada||U.S.||$12.8 billion of U.S. goods including maple syrup and whiskey||10-25%||Imposed|
|India||U.S.||$241 million of apples, stainless steel and other products.||7.5%-60%||To take effect Aug. 4|
|U.S.||China||$50 billion of goods||25%||Imposed on $34 billion worth. Second set of $16 billion pending further review.|
|China||U.S.||$34 billion of U.S. goods||25%||Imposed|
|U.S.||China||Additional $200 billion of goods||10%||Threatened|
The context of these tariffs is the trade deficit the U.S. runs, which totaled $568 billion in 2017. The Trump administration maintains that the size of that gap is due to unfair trade agreements. Critics point out that U.S. consumers are the beneficiaries of this gap.
President Trump first announced his intention to impose steel and aluminum tariffs on March 1, and the Dow Jones Industrial Average DJIA, +0.75% has lost about 3% since that announcement.
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