The impact on the United States
Rising consumer costs
The imposition of tariffs has led to an increase in the prices of imported goods, with consumers bearing some of the costs.
Increased enterprise costs
American companies that rely on China's supply chain are facing challenges of rising costs and supply chain disruptions.
Agricultural damage
China has imposed tariffs on American agricultural products, causing American farmers to lose important markets.
The impact on China
Export setbacks
The export to the United States has been somewhat affected, especially for low value-added products.
economic slowdown
Trade frictions have intensified downward pressure on the Chinese economy.
Accelerated industrial upgrading
China is accelerating the promotion of technological innovation and industrial upgrading, and reducing external dependence.
summarize
The Trump administration's imposition of tariffs aims to reduce the trade deficit and protect American industries, but this policy also brings economic costs and adjustments to the global supply chain. Despite some adjustments by the Biden administration, the core framework of China's tariff policy remains intact.
The Trump administration's imposition of tariffs on goods imported from China is one of the core elements of its trade policy, primarily aimed at reducing the trade deficit and protecting American industries. The following is the detailed background and content of this policy:
background
Trade deficit: The United States has a long-term trade deficit with China, which Trump believes is the result of unfair trade.
Intellectual property issues: The US government accuses China of gaining competitive advantage through forced technology transfer and intellectual property theft.
The 'America First' policy: Trump advocates protecting domestic industries through tariffs and promoting the return of manufacturing.
effect
The escalation of the trade war: The trade friction between China and the United States intensified, and the two sides negotiated multiple times, ultimately signing the first phase of the trade agreement in January 2020.
Economic impact: The imposition of tariffs has increased costs for American businesses and consumers, and some companies have shifted their supply chains out of China.
Global supply chain: The global supply chain is disrupted, and the uncertainty of the international trade environment is increasing.
Subsequent development
Biden administration: The Biden administration has basically continued Trump's tariff policy towards China, while seeking cooperation with allies to deal with China.
Tariff Review: In 2022, USTR will initiate a review of tariffs on China, considering whether to adjust or cancel some tariffs.
