- 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.
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%. The following timeline details key moments in the souring trade relationship between the world’s two largest economies.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.
Earlier, Reuters reported that China had backtracked on almost all aspects of a draft U.S.-China trade pact.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 summit in Japan at the end of June.At the G20 meeting in Osaka, the United States and China formally agree to restart trade talks after concessions from both sides.
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