tariffs
September 11, 2019

President Trump tweeted on Wednesday evening that he will honor China's apparent request to delay an increase in tariffs on $250 billion worth of Chinese goods.

The increase was set to go into effect on Oct. 1, but Trump said he was asked by Vice Premier Liu He for a brief reprieve, as the People's Republic of China is celebrating its 70th anniversary on Oct. 1. Trump said he agreed to postpone the hike until Oct. 15 as "a gesture of good will." The tariffs are set to go up from 25 percent to 30 percent.

Earlier in the day, China said it would exempt 16 U.S. imports from tariffs, including animal feed and cancer medication. Trade talks between the two countries are expected to start in Washington later this month, before moving to China in October. Catherine Garcia

May 30, 2019

Dow futures tumbled 200 points, or 0.9 percent, on Thursday night after President Trump announced the U.S. will impose a 5 percent tariff on Mexican imports beginning June 10.

S&P 500 futures dropped 0.8 percent, while Nasdaq futures plummeted 0.9 percent and the Mexican peso fell 2 percent against the U.S. dollar, CNN reports. Mexico is among the United States' biggest trading partners, and the U.S. Chamber of Commerce estimates at least six million jobs are tied to trade with Mexico.

Trump said the tariffs will be in place until "such time as illegal migrants coming through Mexico, and into our Country, STOP." The White House later released a statement saying the tariffs would increase by 5 percent in July, August, September, and October. After Oct. 1, the White House said, "tariffs will permanently remain at the 25 percent level unless and until Mexico substantially stops the illegal inflow of aliens coming through its territory." Catherine Garcia

May 5, 2019

President Trump tweeted on Sunday that on Friday, he would like to increase tariffs on $200 billion worth of Chinese goods, raising the fee from 10 percent to 25 percent.

"The Tariffs paid to the USA have had little impact on product cost, mostly borne by China," he claimed. "The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!" He also said $325 billion worth of additional Chinese goods "remain untaxed, but will be shortly, at a rate of 25 percent."

Over the last five months, Chinese negotiators have been working with their American counterparts on an agreement, and Chinese Vice Premier Liu He was scheduled to arrive in Washington, D.C., on Wednesday to meet with Trump, accompanied by a 100-member delegation. Chinese officials are now discussing whether the trip should be scrapped, people familiar with the matter told The New York Times. Catherine Garcia

September 17, 2018

The Trump administration on Monday imposed tariffs on an additional $200 billion worth of Chinese imports.

This will affect consumer products like spark plugs, air conditioners, furniture, and lamps. Senior administration officials told The Washington Post that starting Sept. 24, U.S. importers will pay an extra 10 percent tariff on those products, rising to 25 percent at the end of the year.

China has said it will retaliate by slapping import taxes on $60 billion worth of American items; in a statement, Trump said if China does this, the United States will "immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports." Trump's first tariffs hit in July, and now, about half of the $505 billion worth of items Americans buy every year from China face tariffs, the Post says. Catherine Garcia

August 10, 2018

An economic power play has sent Turkey's currency into a downward spiral.

The Turkish lira plunged more than 16 percent on Friday, while tensions simultaneously escalated between Turkish President Recep Tayyip Erdogan and President Trump, The Wall Street Journal reported.

Turkey's fragile economy already had investors worried about future financial health, with the lira down 23 percent against the U.S. dollar in the past week. Erdogan seemingly added fuel to the fire when he made a defiant speech on Friday, saying "Turkey won't surrender to economic hitmen" and blaming an "interest rate plot" that amounted to "a military coup attempt."

Trump did not take warmly to Erdogan's declaration of "economic war," announcing on Twitter that he would double tariffs on steel and aluminum. "Our relations with Turkey are not good at this time," Trump wrote.

The declining lira, which is at a record low, could frazzle markets all over Europe, CNN Money reports, especially now that experts expect that Turkey will need to take emergency action. "It's not clear that Turkey will be able to step back from the brink this time around," said William Jackson, an economist at Capital Economics. Summer Meza

July 25, 2018

During a meeting on Wednesday, President Trump and European Commission President Jean-Claude Juncker promised to work together to lift barriers on trade and eliminate tariffs, Trump announced in the White House Rose Garden.

"We agreed today, first of all, to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods," Trump said. Having already imposed higher tariffs on European steel and aluminum, Trump had threatened a 25 percent tariff on European vehicles, but Juncker said both sides have agreed to "hold off on other tariffs" during negotiations. Trump also shared that the EU said it will import more U.S. soybeans and liquid natural gas.

"We will not go against the spirit of this agreement unless either party terminates the negotiation," Trump said. "So, we're starting the negotiation right now, but we know very much where it's going." Catherine Garcia

June 18, 2018

On Monday, President Trump ordered the U.S. Trade Representative to find $200 billion worth of Chinese imports that could be subject to new tariffs.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology," Trump said in a statement. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong."

Trump has already ordered tariffs on $50 billion in Chinese goods in retaliation for intellectual property theft, and China has vowed to retaliate on U.S. exports. Trump said the new tariffs will go into effect if "China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced," and added he is willing to pursue "additional tariffs on another $200 billion of goods." Catherine Garcia

April 30, 2018

With temporary exemptions due to expire at 12:01 a.m. Tuesday, President Trump on Monday postponed a decision on imposing steel and aluminum tariffs on Canada, Mexico, and the European Union until June 1, a person familiar with the matter told Reuters.

This person also said the Trump administration has "reached agreements in principle with Argentina, Australia, and Brazil, details of which will be finalized in the next 30 days." In March, Trump imposed a 25 percent tariff on steel imports and 10 percent tariff on aluminum, but several countries received temporary exemptions and South Korea was given a permanent exemption to steel tariffs, in exchange for agreeing to cut its exports to the U.S. by about 30 percent.

Canada is the largest source of steel imports into the U.S., and Prime Minister Justin Trudeau said on Monday if the U.S. made a move to impose tariffs on his country's steel and aluminum it would be a "very bad idea." Catherine Garcia

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