US-China trade war

By Meg Wagner and Veronica Rocha, CNN

Updated 4:31 p.m. ET, May 13, 2019
7 Posts
Sort byDropdown arrow
10:37 a.m. ET, May 13, 2019

China details tariffs it will raise on U.S. goods

From CNN’s Steven Jiang, Matt Rivers Lily Lee and Nanlin Fang in Beijing

China has announced it will be raising tariffs on roughly $60 billion worth of U.S. goods beginning midnight (Beijing time) June 1, according to China’s State Council Customs Tariff Commission.

China’s newly increased tariffs largely affect the same goods on which initial tariffs were imposed last fall, and have not been extended to any new set of goods.

The new tariff rate hike is based on four categories of US goods valued at approximately $60 billion. China has levied tariffs on a total of $110 billion worth of US products since the trade war began.

Tariffs on the $60 billion worth of US products went into effect on September 24 last year. Roughly 5,000 items were affected, and they were split into four categories.

On Monday, China announced that:

  • Category 1 (includes cotton, machinery, grains) went from 10% to 25%
  • Category 2 (includes aircraft parts, optical instruments, certain types of furniture) went from 10% to 20%
  • Category 3 (includes corn flour, wine) went from 5% to 10%
  • Category 4 (includes certain types of chemical, rare earths, medical equipment like ultrasound and MRI machines) stayed the same at 5%

This is a retaliation: On Friday, the U.S. hiked tariffs from 10% to 25% on $200 billion worth of Chinese exports after trade talks held in Washington failed to produce a breakthrough

10:08 a.m. ET, May 13, 2019

The Dow is now down more than 500 points

From CNN's David Goldman

US stock market losses have accelerated: The Dow fell by as much as 526 points

10:09 a.m. ET, May 13, 2019

The Dow is down 475 points

From CNN’s Anneken Tappe

The Dow plunged Monday after China said it will raise tariffs in retaliation to last week's tariff increase by the United States.

China hiked tariffs on $60 billion of imports from the United States. It first imposed the tariffs last year.

US stocks opened sharply lower:

  • The S&P 500 fell 1.7%
  • The Nasdaq dropped 2.1%
  • The Dow fell more than 475 points at the open

9:27 a.m. ET, May 13, 2019

Soon after Trump tweeted "China should not retaliate," the country announced new tariffs

From CNN's Devan Cole

In a series of tweets this morning Trump took aim at China, writing that the country wants "to make a deal so badly" because the trade war is causing it to lose business to "Vietnam and other such countries in Asia." 

The tweets came just before China announced it will be raising tariffs on $60 billion worth of US goods beginning on June 1. 

Reminder: Trump's top economic adviser spent the weekend trying to defuse the trade war and demonstrate that trade negotiations between the two countries were proceeding.

Here's a look at Trump's tweets:

9:17 a.m. ET, May 13, 2019

Dow futures are down after China announces new tariffs

From CNN's Anneken Tappe

Dow futures are sharply lower on Monday after China said it will raise tariffs in retaliation to last week's tariff increase by the United States.

New this morning: China hiked tariffs on $60 billion of imports from the United States. It first imposed the tariffs last year.

Worries over the escalation of the trade spat with China just aren't going away.

  • Stock futures are sharply down, falling some 2% across the board for the Dow, S&P 500 and Nasdaq
  • Dow futures were more than 400 points lower
9:08 a.m. ET, May 13, 2019

Trump raised tariffs on Chinese goods last week. Here's what's impacted.

From CNN's Katie Lobosco

President Trump on Friday made thousands of items coming in from China more expensive.

Most of the imports hit by the new 25% tariff rate are industrial or intermediate goods that are used as component parts in products manufactured in the United States.

But about a quarter of the items on the list are consumer goods, including luggage...

  • Backpacks
  • Baseball gloves
  • Bamboo furniture
  • Chandeliers
  • Sailboats
  • Motorboats
  • Canoes

The Trump administration has so far strategically shielded most consumer electronics, like iPhones, and other everyday goods from the tariffs so the tariffs might be less painful to American shoppers — though that may change if Trump can't strike a deal with Beijing.

9:06 a.m. ET, May 13, 2019

China announces it will raise tariffs on US goods 

From CNN's Lily Lee

 

China has announced it will be raising tariffs on $60 billion worth of US goods from midnight (Beijing time) June 1, according to China’s State Council Customs Tariff Commission.

 On Friday, the US hiked tariffs from 10% to 25% on $200 billion worth of Chinese exports after trade talks held in Washington failed to produce a breakthrough.