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A quick guide to the US-China trade war A quick guide to the US-China trade war
(30 days later)
The world's two largest economies are locked in a bitter trade battle. The world's two largest economies have been locked in a bitter trade battle.
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. The dispute 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 as a global economic power. In China, there is a perception that America is trying to curb its rise as a global economic power.
Negotiations are ongoing but have proven difficult. In December, the two sides announced a preliminary deal but some of the thorniest issues remain unresolved. Negotiations are ongoing but have proven difficult. In January, the two sides signed a preliminary deal but some of the thorniest issues remain unresolved.
Uncertainty surrounding the trade war has hurt businesses and weighed on the global economy. Uncertainties around the trade war have 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 products by making imported goods more expensive.
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. 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 most recent round targeted Chinese imports, from meat to musical instruments, with a 15% duty. Washington delivered three rounds of tariffs in 2018, and a fourth one in September last year. 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 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.
What's next?What's next?
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. Under the so-called "phase one" deal signed in January, China pledged to boost US imports by $200bn above 2017 levels and strengthen intellectual property rules.
The deal is yet to be signed and tariffs of 25% on $250bn worth of Chinese goods remain in place. The US agreed to halve some of the new tariffs it had imposed on China.
However, the US will drop tariffs on $120bn worth of Chinese goods to 7.5%. The White House said it will tackle additional issues in a second, "phase two" deal but analysts said they didn't expect anything concrete anytime soon.
Washington also shelved a planned round of tariffs, which would have hit Chinese smartphones, clothing and toys.