A spokesperson for the American Farm Bureau stated that “farmers have lost the vast majority of what was once a $24 billion market in China” as a result of Chinese retaliatory actions. workers, defer potential wage hikes or expansions, and raise prices for American consumers or companies. The tariffs forced American companies to accept lower profit margins, cut wages and jobs for U.S. tariffs, with the cost estimated at nearly $46 billion. companies lost at least $1.7 trillion in the price of their stocks as a result of U.S. economy $316 billion by the end of 2020, while more recent research from the Federal Reserve Bank of New York and Columbia University found that U.S. A 2019 report from Bloomberg Economics estimated that the trade war would cost the U.S. economy nearly 300,000 jobs and an estimated 0.3% of real GDP.

Trump’s actions amounted to one of the largest tax increases in years.”Ī September 2019 study by Moody’s Analytics found that the trade war had already cost the U.S. Across the nation, a lot of farmers went bankrupt, and the manufacturing and freight transportation sectors have hit lows not seen since the last recession. economic growth slowed, business investment froze, and companies didn’t hire as many people. As described by Heather Long at the Washington Post, “U.S. The trade war caused economic pain on both sides and led to diversion of trade flows away from both China and the United States. Between July 2018 and August 2019, the United States announced plans to impose tariffs on more than $550 billion of Chinese products, and China retaliated with tariffs on more than $185 billion of U.S. trade deficit with China and cause companies to bring manufacturing jobs back to the United States. Trump argued that unilateral tariffs would shrink the U.S. President Trump launched the trade war to pressure Beijing to implement significant changes to aspects of its economic system that facilitate unfair Chinese trade practices, including forced technology transfer, limited market access, intellectual property theft, and subsidies to state-owned enterprises. The 100 days concluded in July 2017 with no agreement, no press conference, and no joint statement out of the first meeting of the U.S.-China Comprehensive Economic Dialogue (which was declared dead by the Trump administration four months later). Yet follow-on negotiations fizzled as Washington pushed Beijing for more concessions and Beijing rebuffed American pressure. recognition of China’s Belt and Road Initiative. firms and services in exchange for greater Chinese access on bilateral trade and U.S. The next month, China agreed to open its economy (slightly) to U.S. Just three months into his administration, he met with Chinese leader Xí Jìnpíng 习近平 at Mar-a-Largo, where they agreed to establish a 100-Day Action Plan to resolve trade differences.

Upon entering office, Trump sought to engage Beijing directly to address structural concerns about China’s economic policies. He declared, “We can’t continue to allow China to rape our country.” Building on the image of Donald Trump as the ultimate dealmaker, his campaign released a strategy to reform the U.S.-China trade relationship, in which it pledged to “cut a better deal with China that helps American businesses and workers compete.” Trump laid out a four-part plan to secure a better deal with China: declare China a currency manipulator confront China on intellectual property and forced technology transfer concerns end China’s use of export subsidies and lax labor and environmental standards and lower America’s corporate tax rate to make U.S. trade deficit with China, which in 2016 stood at around $346 billion. He said China was responsible for “the greatest theft in the history of the world” and lambasted the U.S. manufacturing jobs and intellectual property. trade with China, and the agreements that enabled it, as a primary cause of the loss of U.S. Origins of the trade warĭuring the 2016 presidential campaign, a consistent refrain from then-candidate Trump was to point to U.S. Trump’s prioritization on the trade deal and de-prioritization of all other dimensions of the relationship produced a more permissive environment for China to advance its interests abroad and oppress its own people at home, secure in the knowledge that American responses would be muted by a president who was reluctant to risk losing the deal.

The effects of the trade war go beyond economics, though.

Despite Trump’s claim that “trade wars are good, and easy to win,” the ultimate results of the phase one trade deal between China and the United States - and the trade war that preceded it - have significantly hurt the American economy without solving the underlying economic concerns that the trade war was meant to resolve. Six months after the deal was inked, the costs and benefits of this agreement are coming into clearer focus.

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