(Reuters) – Hopes for settlement of the yearlong U.S.-China trade war dimmed further on Friday as China said it will slap retaliatory tariffs on about $75 billion worth of U.S. goods, the latest escalation in the dispute between the world’s two largest economies.
FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China August 6, 2019. REUTERS/Aly Song
President Donald Trump said he was ordering U.S. companies to exit China, as well as raising tariffs on $250 billion worth of goods to 30% from 25%.
Trump also said that recently announced tariffs on $300 billion of Chinese products, virtually every remaining Chinese import, will have 15% tariffs levied on them instead of 10% as previously planned.
The following timeline details key moments in the souring trade relationship between the world’s two largest economies.
June 28, 2016
S&P 500: +1.78%
While campaigning for the White House, Trump lays out plans to counter unfair trade practices from China at a rally in Pennsylvania. He also threatens to apply tariffs under sections 201 and 301 of U.S. trade legislation, which he subsequently does. He says China’s entrance into the World Trade Organization enabled the “greatest jobs theft in history.”
March 31, 2017
S&P 500: -0.23%
Trump, now president, signs two executive orders. One calls for tighter tariff enforcement in anti-subsidy and anti-dumping trade cases. The other orders a review of U.S. trade deficits and their causes.
April 7, 2017
S&P 500: -0.08%
At their first meeting at Trump’s Mar-a-Lago estate in Florida, Trump and Chinese President Xi Jinping agree to a 100-day plan for trade talks.
July 19, 2017
S&P 500: +0.54%
The two sides fail to agree on new steps to reduce the U.S. deficit with China after the 100 days of talks.
Aug. 14, 2017
S&P 500: +1.00%
Trump orders “Section 301” probe into alleged Chinese intellectual property theft, described as his first direct trade measure against Beijing. Section 301 refers to the part of a 1974 trade law that lays out how the United States should enforce its rights under trade agreements.
Jan. 17, 2018
S&P 500: +0.94%
Trump, in a Reuters interview, threatens a big “fine” on China over alleged IP theft, without providing details.
Jan. 22, 2018
S&P 500: +0.81%
Trump imposes tariffs on all imported washing machines and solar panels – not just those from China.
March 8, 2018
S&P 500: +0.45%
Trump orders 25% tariffs on steel imports and 10% on aluminum from all suppliers – not just China.
April 2, 2018
S&P 500: -2.23%
China imposes tariffs of up to 25% on 128 U.S. products.
April 3, 2018
S&P 500: +1.26%
Trump unveils plans for 25% tariffs on about $50 billion of Chinese imports.
April 4, 2018
S&P 500: +1.16%
China responds with plans for retaliatory tariffs on about $50 billion of U.S. imports.
June 15, 2018
S&P 500: -0.10%
The United States sets an effective date of July 6 for 25% levies on $34 billion of Chinese imports. It says 25% tariffs will also kick in on an additional $16 billion of goods after a public comment period. China responds in kind with tariffs on $34 billion of U.S. goods.
July 10, 2018
S&P 500: +0.35%
The United States unveils plans for 10% tariffs on $200 billion of Chinese imports.
Aug. 1, 2018
S&P 500: -0.10%
Trump orders USTR to increase the tariffs on $200 billion of Chinese imports to 25% from the originally proposed 10%.
Aug. 7, 2018
S&P 500: +0.28%
The United States releases the list of $16 billion of Chinese goods to be subject to 25% tariffs. China retaliates with 25% duties on $16 billion of U.S. goods.
Aug. 23, 2018
S&P 500: -0.17%
Tariffs on goods appearing on the Aug. 7 lists from both the United States and China take effect.
Sept. 7, 2018
S&P 500: -0.22%
Trump threatens tariffs on $267 billion more of Chinese imports.
Sept. 24, 2018
S&P 500: -0.35%
The United States implements 10% tariffs on $200 billion of Chinese imports. The administration says the rate will increase to 25% on Jan. 1, 2019. China answers with duties of its own on $60 billion of U.S. goods.
Dec. 1, 2018
S&P 500: +1.09% (Monday, Dec. 3)
The United States and China agree on a 90-day halt to new tariffs. Trump agrees to put off the Jan. 1 scheduled increase on tariffs on $200 billion of Chinese goods until early March while talks between the two countries take place. China agrees to buy a “very substantial” amount of U.S. products.
Feb. 24, 2019
S&P 500: +0.12% (Monday, Feb 25)
Trump extends the March 1 deadline, leaving the tariffs on $200 billion of Chinese goods at 10% on an open-ended basis.
May 5, 2019
S&P 500: -0.45% (Monday, May 6)
Trump tweets that he intends to raise the tariffs rate on $200 billion of Chinese goods to 25% on May 10.
May 8, 2019
S&P 500: -0.16%
The Trump administration gives formal notice of its intent to raise tariffs on $200 billion of Chinese imports to 25% from 10%, effective May 10.
Earlier, Reuters reported that China had backtracked on almost all aspects of a draft U.S.-China trade pact.
June 18, 2019
S&P 500: +0.97%
Trump and Xi speak by phone, and the two sides agree to rekindle trade talks ahead of a planned meeting between the two leaders scheduled for the Group of 20 (G20) summit in Japan at the end of June.
June 29, 2019
S&P 500: +0.77% (Monday, July 1)
At the G20 meeting in Osaka, the United States and China formally agree to restart trade talks after concessions from both sides. Trump agrees to no new tariffs and an easing of restrictions on Chinese telecom powerhouse Huawei Technologies Co Ltd [HWT.UL]. China agrees to unspecified new purchases of U.S. farm products.
Aug. 1, 2019
S&P 500: -0.90%
After two days of trade talks with little progress and complaints by Trump that China has not followed through on a promise to buy more U.S. farm products, he announces 10% tariffs on $300 billion worth of Chinese imports, in addition to the 25% already levied on $250 billion worth of Chinese goods. Trump says the talks between Washington and Beijing would continue despite the new tariffs, and that the rate could be increased above 25% in stages.
Aug. 5, 2019
S&P 500: -2.98%
China’s Commerce Ministry responds to the latest U.S. tariffs by halting purchases of U.S. agricultural products, and China’s yuan currency weakens past the key seven per dollar level, sending equity markets sharply lower.
After U.S. markets close, the U.S. Treasury says it has determined for the first time since 1994 that China is manipulating its currency, knocking the U.S. dollar sharply lower and sending gold prices to a six-year high.
Aug. 6, 2019
S&P 500: +1.3%
China’s central bank, the People’s Bank of China, says Beijing has not and will not use the yuan to respond to trade frictions. A senior Trump aide says U.S.-China trade talks are still planned in Washington in September, and the latest tariffs could still be changed if talks go well, a message that helps calm markets.
Aug. 9, 2019
S&P 500: -0.66%
Trump says he is not ready to make a deal with Beijing and suggests he may cancel in-person trade talks scheduled for Washington in September. The U.S. president also says the United States will continue to refrain from doing business with Chinese telecoms equipment giant Huawei, an apparent rollback of his promise during the meeting with Xi.
But a White House official later says that Trump was referring to a ban on U.S. government purchases of Huawei equipment, not requests for sales by U.S. companies, which are still being assessed by the Commerce Department.
Aug. 13, 2019
S&P 500: 1.5%
The Trump administration delays tariffs on about half of the Chinese products on the $300 billion dollar list announced on Aug. 1, including laptops and cell phones, scheduled to start in September. These tariffs will instead be introduced on Dec. 15 in the hopes of blunting their impact on U.S. holiday sales.
Aug. 23, 2019
S&P 500: -2.6%
China announces it will impose additional retaliatory tariffs against about $75 billion worth of U.S. goods, putting as much as an extra 10% on top of existing rates in response to the U.S. tariffs announced earlier in August.
In response, Trump announces Washington would raise all current tariffs from 25% to 30%, and the tariffs scheduled for September and December to 15% instead of 10%.
Compiled by Dan Burns, Jonas Ekblom and Andrea Shalal; Editing by Andrea Ricci and Tom Brown