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A quick guide to the US-China trade war A quick guide to the US-China trade war
(4 months later)
The US and China are locked in a bitter trade battle. The world's two largest economies are locked in a bitter trade battle.
Over the past year, the world's two largest economies have imposed tariffs on billions of dollars worth of one another's goods. The dispute, which has simmered for nearly 18 months, has seen the US and China impose tariffs on hundreds of billions of dollars worth of one another's goods.
US President Donald Trump has long accused China of unfair trading practices and intellectual property theft.US President Donald Trump has long accused China of unfair trading practices and intellectual property theft.
In China, there is a perception that the US is trying to curb its rise. In China, there is a perception that the US is trying to curb its rise as a global economic power.
Negotiations are ongoing but have proven difficult. The two sides remain far apart on issues including how to roll back tariffs and enforce a deal. Negotiations are ongoing but have proven difficult. In December, the two sides announced a preliminary deal but some of the thorniest issues remain unresolved.
The uncertainty is hurting businesses and weighing on the global economy. Uncertainty surrounding the trade war has hurt businesses and weighed on the global economy.
What tariffs have been imposed?What tariffs have been imposed?
Mr Trump's tariffs policy aims to encourage consumers to buy American by making imported goods more expensive.Mr Trump's tariffs policy aims to encourage consumers to buy American by making imported goods more expensive.
So far, the US has imposed tariffs on more than $360bn (£296bn) of Chinese goods, and China has retaliated with tariffs on more than $110bn of US products. So far, the US has imposed tariffs on more than $360bn (£268bn) of Chinese goods, and China has retaliated with tariffs on more than $110bn of US products.
Washington delivered three rounds of tariffs last year, and a fourth one in September. The latest round targeted Chinese imports, from meat to musical instruments, with a 15% duty. Washington delivered three rounds of tariffs last year, and a fourth one in September. The most recent round targeted Chinese imports, from meat to musical instruments, with a 15% duty.
Beijing has hit back with tariffs ranging from 5% to 25% on US goods.Beijing has hit back with tariffs ranging from 5% to 25% on US goods.
Its latest tariff strike included a 5% levy on US crude oil, the first time fuel has been hit in the trade battle.Its latest tariff strike included a 5% levy on US crude oil, the first time fuel has been hit in the trade battle.
What's next?What's next?
Both sides have threatened to take more action with new tariffs and hikes to existing duties in the coming months. The so-called "phase one" deal agreed in December reduces some US tariffs in exchange for more Chinese purchases of American products, and better protection for US intellectual property.
On 1 October, the US plans to raise an existing 25% tariff on some Chinese products to 30%. The deal is yet to be signed and tariffs of 25% on $250bn worth of Chinese goods remain in place.
Washington then plans to deliver a wave of new tariffs on Chinese goods, ranging from footwear to telephones, on 15 December. However, the US will drop tariffs on $120bn worth of Chinese goods to 7.5%.
If this happens, effectively all Chinese goods imported to the US will be subject to tariffs. Washington also shelved a planned round of tariffs, which would have hit Chinese smartphones, clothing and toys.
China also plans to hit another 3,000 American products with tariffs by the end of the year.