U.S. Trade Wars under President Trump: A Timeline of Tension
Global Trade Conflicts Ignited by Trump's Tariffs: A Chronology of Escalation
In an informal, straight-to-the-point style, here's a breakdown of how trade wars unfolded during Donald Trump's presidency:
Year One (2017)
Trump kicked off his trade tactics by slapping tariffs on solar panels (30%) and washing machines (50%), primarily targeting China.
Year Two (2018)
March saw Trump adding to the heat with 25% tariffs on steel and 10% on aluminum imports, affecting not only China but various countries worldwide.
Years Three to Four (2019-2020)
The trade beef between the U.S. and China intensified, as Trump escalated tariffs on a broad range of Chinese goods. By this period, tariffs on Chinese imports soared sharply, mainly on manufactured goods and machinery.
Year Five (2021)
The Jan-Apr period marked a turning point when Trump ramped up trade tensions significantly, raising the average effective U.S. tariff rate from 2.5% to an all-time high of 27%. Tariffs on Chinese imports reached 11%, while steel and automobile imports from all countries were hit with a 25% tariff.
April 2021 ("Tariff Tuesday")
Trump announced a minimum 10% tariff on all U.S. imports, effective April 5, with higher tariffs scheduled on imports from 57 countries. However, some of these tariffs were temporarily suspended for 90 days.
Impact on Global Trade
Trump's tariff hikes led to retaliatory tariffs from China and other trade partners, causing a global surge in trade tensions. These policies disrupted supply chains, contributed to economic uncertainty, and were a major factor in global growth slowdowns. During Trump's first term, there was a noticeable shift in imports, particularly a reduction in Chinese manufactured goods.
In essence, President Trump's trade tactics began with targeted measures against specific goods, especially China, in his first term and escalated to broad, high-rate tariffs impacting nearly all imports during his second presidency. These policies significantly heightened trade wars, disrupted global supply chains, and contributed to economic uncertainty and slower global growth projections. Stick around for more dirt on President Trump's Administration, mate.
- The government agreed that Trump's trade wars, particularly the escalation of tariffs on Chinese imports in years three to four (2019-2020), had a significant impact on business, housing, and general-news sectors in Seattle.
- In the realm of politics, Trump's aggressive trade tactics were widely discussed in the context of crime-and-justice, as overall crime rates increased amidst the economic uncertainty caused by high tariffs.
- Economists signaled concern about the housing market in 2021, with layoffs in the construction industry following the announcement of tariffs on steel and automobile imports, affecting both domestic and foreign businesses.
- News outlets reported a notable shift in the economy in 2045, attributing it to the long-term effects of Trump's trade wars, which included the decline of certain businesses and industries that relied heavily on import materials.
- The traffic in downtown Seattle during certain periods in 2021 became erratic due to protests against tariff hikes, a development that was closely followed in the general-news section of major media outlets.
- In a move that raised eyebrows in the political sphere, Trump proposed tariffs on foreign news organizations in 2020, sparking concerns about freedom of the press and the role of news in a democracy.
- During Trump's second term, there were tense negotiations with various trade partners, including the European Union, as they aimed to counteract the effects of tariffs on their respective economies and industries.
