Timeline of the trade conflict between U.S. and China
- 5 years ago
미중 무역갈등...관세 전쟁의 역사
All eyes are on the G20 meeting taking place in Osaka,... as the leaders of the U.S. and China once again sit down to work out a truce on the almost year-long trade war.
Our Ko Roon-hee walks us through the timeline of the trade conflict... between the world's two biggest economies.
The writing was on the wall even before President Trump took office.
Back in 2016 at a rally in Indiana, Trump the presidential candidate... signaled a possible trade war with China... saying QUOTE-"We can't continue to allow China to rape our country."
After Trump became president, he started using tariffs... as a means to reduce U.S. trade deficits with China... which amounted to around 420 billion U.S. dollars last year.
In January 2018, Trump slapped tariffs on imported washing machines and solar panels, including those from China.
China retaliated in April, by imposing tariffs on about 3 billion dollars worth of American goods.
Although the two sides met for high-level trade talks in May,... they could not find a resolution to the dispute.
Trade tensions between the two countries have steadily risen since the second half of 2018.
Washington and Beijing each imposed tariffs on 360 billion U.S. dollars worth of one another's goods... between last July and early June.
Products affected by tariffs include vegetables, clothing, and machinery.
Analysts say, the trade war has hurt Beijing's coffers more than it has Washington.,... given that China's exports to the U.S. was more than quadruple... than that of shipments going the other way in 2018.
And China's GDP growth has been signaling the impact.
Last year, the Chinese economy grew by 6-point-6 percent... its slowest pace since 1990.
On the other hand, the U.S. posted a GDP growth of 2-point-9 percent in 2018,... the best annual gain since 2015.
The trade spat has also led to uncertainties in the global financial markets... dashing investor confidence around the world.
Ko Roon-hee, Arirang News.
All eyes are on the G20 meeting taking place in Osaka,... as the leaders of the U.S. and China once again sit down to work out a truce on the almost year-long trade war.
Our Ko Roon-hee walks us through the timeline of the trade conflict... between the world's two biggest economies.
The writing was on the wall even before President Trump took office.
Back in 2016 at a rally in Indiana, Trump the presidential candidate... signaled a possible trade war with China... saying QUOTE-"We can't continue to allow China to rape our country."
After Trump became president, he started using tariffs... as a means to reduce U.S. trade deficits with China... which amounted to around 420 billion U.S. dollars last year.
In January 2018, Trump slapped tariffs on imported washing machines and solar panels, including those from China.
China retaliated in April, by imposing tariffs on about 3 billion dollars worth of American goods.
Although the two sides met for high-level trade talks in May,... they could not find a resolution to the dispute.
Trade tensions between the two countries have steadily risen since the second half of 2018.
Washington and Beijing each imposed tariffs on 360 billion U.S. dollars worth of one another's goods... between last July and early June.
Products affected by tariffs include vegetables, clothing, and machinery.
Analysts say, the trade war has hurt Beijing's coffers more than it has Washington.,... given that China's exports to the U.S. was more than quadruple... than that of shipments going the other way in 2018.
And China's GDP growth has been signaling the impact.
Last year, the Chinese economy grew by 6-point-6 percent... its slowest pace since 1990.
On the other hand, the U.S. posted a GDP growth of 2-point-9 percent in 2018,... the best annual gain since 2015.
The trade spat has also led to uncertainties in the global financial markets... dashing investor confidence around the world.
Ko Roon-hee, Arirang News.