U.S. and China: The Tariff Situation
Ok, what’s happening with all these tariffs?
In just the last month, a lot. Here’s a quick summary, put together by the Remke Team that will keep you in the know.
In March, President Trump placed steel and aluminum tariffs on almost every country. He believes this will help US companies remain competitive or become more competitive internationally and on the domestic front.
In response, China announced it would slap tariffs on 128 American products, including wine, pork, and pipes.
In addition, President Trump laser focused on China, announcing plans for even more tariff in the near future.
Those additional tariffs were announced on Tuesday, April 3rd, and apply to 1,300 Chinese products that amount to about $50 billion including:
– flat-screen television
– medical devices
– aircraft parts and batteries
– machinery and high-tech components
April 4th, China responded by announcing $50 billion worth of tariffs on major US exports like soybeans, planes, cars, beef, and chemicals.