The US China Trade Work Economic Related Project

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Economics

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Write 3pages economic related projectThere are no specific requirements

It must be about economic issues

All the work must be original

Turnitin report is required

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Explanation & Answer

Attached.

Outline
Introduction
Body
Conclusion
References


Course Title
Student Name
Professor’s Name
Institution Affiliation
Name

1
The US-China Trade War
Introduction
In July last year, President Trump finally acted upon his longstanding threats by imposing
astounding tariffs on China for the alleged unfair trade practices that the Chinese government had
committed against the United States. Fast forward to early May this year, the US has already
slapped tariffs worth $250 billion on China’s products, and is still threatening to add tariffs on
$325 billion worth of Chinese products. On the other hand, China’s government has already set
tariffs worth $110 billion on US products, and is still threatening to impose dire measures that
would significantly cripple US companies operating in China. As expected, neither the Chinese
President Xi Jinping nor the US President Donald Trump is willing to back down from this tag of
war which promises to escalate into the largest trade war in the world’s economic history. Each
government is trying to flex its muscles and showcase its prowess for the rest of the world to see,
as more warnings and plans to impose even heavier tariffs on its ‘rival’s’ exports or products are
being issued. With China and the United States being two of the biggest and strongest economies
in the world, this public show of economic might only promises to become more ferocious as the
years go by. This paper will provide a detailed overview of the origins and the current state of this
mega-trade war, as well as the possible shockwaves it will send onto the rest of the world economy.
The first China-specific tariffs were implemented by the United States on July 6, 2018, as
it started with the US Customs and Border Protection (CBP) collecting tariffs of 25% on 818
products from China which were imported and valued at $34 billion, signaling the first round of
tariffs. The second round, which is still under review, is targeted to impose 25% tariffs on other
Chinese products worth $16 billion; with the main commodities targeted being electrical
machinery, steel products, and railway products, among others in this category. The next wave of

2
US tariffs which proceeded from early July through to August 2018saw Trump considering the
25% tariff rather than the 10% that was considered before then, targeting approximately $200
billion worth of Chinese products, including consumer products and food and agricultural products
(Ciuriak, 2019).
In response and anticipation of the potential US tariffs on $200 billion worth of Chinese
products, China’s Ministry of Commerce responded on August 3, 2018 by proposing an additional
tariffs on US products worth $60 billion. The tariffs were meant to increase as the quantity of
products increase, with the highest possible tariffs at 25%. On August 7, Trump finally made up
his mind to impose 25% tariffs on Chinese products worth $16 billion, scheduled to take effect on
August 23. China’s Ministry of Commerce also...


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