Trade war

The big picture

The U.S.-China trade war quietly escalates

And it's likely here to stay.

Jul 16, 2020 - World
Governments turn to protectionism in pandemic fallout

Global cross-border merger activity is down 40% year-to-date.

Jun 8, 2020 - World
Despite promises, Trump's trade deficits are only growing

Under Trump, the U.S. trade deficit has increased by $125 billion.

Sep 3, 2019 - Economy & Business
The tech war between the U.S. and China escalates

The direct confrontation could result in an accelerated splintering of global supply chains.

Sep 21, 2020 - Economy & Business
Possible restrictions on Chinese chip exports could do harm to U.S. growth

Trump's trade war with China could be further exacerbated.

Sep 8, 2020 - Economy & Business
Americans are less worried about tariffs

Concern is nearly down to the levels before the pandemic began.

Sep 3, 2020 - Economy & Business

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Dion Rabouin, author of Markets
Aug 26, 2020 - Economy & Business

China is less than halfway to its "phase 1" trade deal targets

Reproduced from Peterson Institute for International Economics; Chart: Axios Visuals

To satisfy the conditions of the phase one U.S.-China trade deal, China is expected to purchase at least $200 billion more in U.S. exports combined in 2020 and 2021. Data shows that as of July they are more than 50% behind the pace of expected purchases.

By the numbers: So far, China's purchase of covered products was $39.3 billion, compared with a year-to-date target of $83.2 billion, Chad Bown, a fellow at the Peterson Institute for International Economics, notes.

Dion Rabouin, author of Markets
Jul 8, 2020 - Economy & Business

More than a quarter of Americans are spending less because of China tariffs

Data: CivicScience; Chart: Axios Visuals

While the U.S.-China trade war has drawn fewer headlines in recent months, nearly seven in 10 Americans say they are concerned about how tariffs are impacting the cost of things they purchase. That's the same number registered in March when the coronavirus pandemic began to escalate.

Why it matters: Despite record low interest rates and trillions of dollars in stimulus from Congress and the Fed, everyday Americans say they are pulling back spending, with 28% saying they are buying less than they used to because prices had increased.

Dion Rabouin, author of Markets
May 26, 2020 - Economy & Business

U.S.-China trade tensions are escalating again

Illustration: Sarah Grillo/Axios

As the coronavirus pandemic appears to be subsiding in China, it's becoming clear that its targets for the phase one trade deal with the U.S. are unrealistic and there is so far no sign of a plan for renegotiation.

What's happening: White House National Economic Council director Larry Kudlow said Thursday the trade deal was "intact, and China has every intent of implementing it."

Dave Lawler, author of World
May 20, 2020 - World

Josh Hawley crafts the case against China

Hawley. Photo: Carlos Barria-Pool/Getty Images

Sen. Josh Hawley (R-Mo.) will lambast China on Wednesday, arguing on the Senate floor that the existing international order must be ripped up to avert a future in which America takes “second place to the imperialists in Beijing.”

Why it matters: Hawley’s star has risen fast, and the 40-year-old freshman senator is often discussed as a 2024 presidential prospect. He’s betting that Trump’s populist nationalism and hawkishness on China aren’t passing phenomena, but the future of the Republican Party.

Dion Rabouin, author of Markets
May 7, 2020 - Economy & Business

China is nowhere near meeting the "phase 1" trade agreement

Reproduced from Panjiva; Chart: Axios Visuals

U.S. stocks fell sharply in the final hour of trading Wednesday after President Trump seemingly reignited the trade war, telling reporters the U.S. would be evaluating whether China has complied with the "phase 1" trade deal to buy an extra $200 billion a year of U.S. goods.

Why it matters: As the coronavirus pandemic continues to choke the U.S. and global economy, Trump is threatening to tighten the vice.

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