On Sep 24, 2018 China published its White Paper detailing the potential impacts of its ongoing trade disputes with the US, just several days after the US imposed an additional $200 billion worth of import tariffs on Chinese products on Sep 17, 2018.
The White paper consists of 6 parts, laying out the benefits of bilateral trade cooperation and underlining the damage to the US, China and the global economy as a result of the trade conflict:
- Mutually benefits of China-US cooperation
- The facts about China-US trade relations
- Trade protectionist practices of the US
- Trade “bullying” practices of the US
- Impact of US actions on global economy
- China’s position
It accused the US of “trade bullying” as well as attempted “economic hegemony”, and included a wide-ranging critique of the protectionist policies pursued by the Trump administration. It argued that the US, under the current administration, has abandoned the norms of mutual respect that guide international relations in an attempt to rationalize the “America First” policy which is a prominent characteristic of the Trump administration.
A Chronology of Actions Taken During Trade Dispute:
On May 29, 2018, the White House stated US shall announce by June 15 the imposition of an additional duty of 25% on approximately $50 billion worth of Chinese imports
On Jun 15, 2018, US released a list of 2 sets of products imported from China that will be subject to additional tariffs
At the same day, China released a list of 2 sets of products imported from US that will be subject to additional 25% tariffs.
On July 6, 2018, the first set of 818 lines covering approximately $34 billion worth of imports from China were subject to the additional duties.
At the same day, China started to collect additional duties on the first set of $34 billion worth of imports from US
On Aug 8, 2018, the second tranche of tariffs on 279 lines instead of original 284 lines were released after a two-day public hearing in Jul.
On Aug 17, 2018 announced upcoming public hearings held from Aug 20 to Aug 24, regarding proposed tariffs on approximately $200 billion worth of Chinese products.
On Aug 23, 2018, Customs and Border Protection began to collect the additional duties on the second set of $160 billion worth of Chinese imports
At the same day, China started to collect the additional duties on $16 billion worth of US imports
On Sep 18, 2018, USTR finalized tariffs on $200 billion of Chinese imports
At the same day, China announced a new levy of 5 or 10 percent on a $60 billion list of 5,207 American goods
On Sep 24, 2018, the additional 10% tariffs were effective for the list of approximately $200 billion Chinese imports
The level of the additional tariffs for $200 billion Chinese imports will increase to 25% starting Jan 1, 2019
*above date is based on Chinese Time Zone