Aug 25, 2019

Bernie Sanders says "of course" he would use tariffs, but in a "rational way"

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Trump trade war: 15% tariffs on Chinese imports take effect

Illustration: Rebecca Zisser/Axios

The Trump administration's trade war with China entered a new phase on Sunday morning as new 15% tariffs on about $110 billion of Chinese imports took effect, Bloomberg reports.

Why it matters: Per the New York Times, the move changes the rules of trade in ways that have no recent historic precedent. "This is the first time U.S. consumers will see the costs quite directly, right as we head into the busiest shopping time of the year," Western Washington University economics professor Edward Alden told the Washington Post. China has introduced retaliatory taxes, the first phase of which came into effect Sunday.

Go deeperArrowUpdated Sep 1, 2019

U.S. and China agree to restart trade talks in D.C.

Photo: Wang Zhao/AFP/Getty Images

China’s Commerce Ministry said in a statement Thursday that its trade representatives will fly to Washington, D.C., in early October to resume stalled trade talks with the United States, the Washington Post reports.

Why it matters: Per Axios' Neal Rothschild, President Trump's trade war has led to bigger trade deficits with China, even though it was intended to improve the trade balance. It's dented consumer sentiment, and the International Monetary Fund has said the prolonged trade tensions were weighing down the global economy.

Go deeperArrowSep 5, 2019

Trump's trade war is being felt throughout the economy

Data: Tariffs Hurt the Heartland; Chart: Andrew Witherspoon/Axios

While news that President Trump plans to postpone the latest round of tariffs on $250 billion worth of Chinese imports for 2 weeks will likely soothe the market, his tariffs have already done a number on the U.S. economy.

Why it matters: "The data speaks for itself," Torsten Slok, chief economist at Deutsche Bank Securities, says in a note to clients. "The trade war is having a serious negative impact on the U.S. economy."

Go deeperArrowSep 12, 2019