Trump’s Trade Tiff Tariffs

Trade and Retaliatory TariffsTrump’s Trade Tiff TariffsPresident Trump’s trade tiff threatens to turn a farm country correction, into a full blown recession.

Agriculture,  | Research & Analysis
Jul 26, 2018  | 4 min read | Print Article

We’ve been following President Trump’s trade war very closely. Mostly because it’s not hard to foresee taxpayers (and businesses) paying for these tit-for-tat tariffs at a time when we already have a $21 trillion debt with trillion dollar annual deficits on the horizon. The Trump Administration is imposing tariffs on other countries under the authority of Section 232 of the Trade Expansion Act of 1962, as well as Section 301 of the Trade Act of 1974. Section 232 allows tariffs on imports that threaten America’s national security, while Section 301 allows tariffs on imports that burden or restrict US commerce.

Taxpayers for Common Sense has compiled a (downloadable) spreadsheet of the tariffs* the US has imposed on imports, as well as the retaliatory tariffs other countries have imposed on US exports. Product descriptions and product classifications are entered as reported by the countries (with minimal clean up on our end). Not currently included in the spreadsheet are any of the planned second round of retaliatory tariffs the US has put in motion in response to China’s retaliatory tariffs. These proposed tariffs and other proposed actions may be added later along with other data as it becomes available.

The list of proposed products can be found here (tariff on Chinese exports to US worth $16 billion) and here (tariff on Chinese exports to US worth $200 billion. An explanation of what products are represented by customs codes and classifications can be found here. The Harmonized Tariff Schedule of the United States (HTSUS) can be found here.

A timeline of major events is below:

  1. March 23, 2018 – US imposes 25 and 10 percent tariff on steel and aluminum products from China citing authority under Section 232
  2. April 2, 2018 – China imposes 15 to 25 percent tariffs on US exports worth $3 billion
  3. June 1, 2018 – US imposes 25 and 10 percent tariff on steel and aluminum products on all countries. Exempted countries are Australia, Argentina, Brazil, Japan, and South Korea
  4. June 5, 2018 – Mexico imposes 7 to 25 percent tariffs on US exports worth $3.6 billion
  5. June 21, 2018 – Turkey imposes 4 to 70 percent tariffs on US exports worth $1.8 billion
  6. June 21, 2018 – India imposes 5 to 100 percent tariffs on US goods worth $10.6 billion
  7. June 22, 2018 – European Union imposes 10 to 25 percent tariffs on US exports worth $3.2 billion
  8. July 1, 2018 – Canada imposed 10 to 25 percent tariffs on US exports worth $12.7 billion
  9. July 6, 2018 – US imposes 25 percent tariff on Chinese exported goods worth $34 billion
  10. July 6, 2018 – China responds by imposing 25 percent tariff on US exported goods worth $34 billion
  11. July 11, 2018 – Office of the US Trade Representative proposes a 10 percent tariff on additional Chinese exports worth $200 billion
  12. July 11, 2018 – Motion to Instruct providing a role for Congress in making a determination under section 232 of the Trade Expansion Act of 1962 passed the Senate 88-11.
  13. July 16, 2018 – United States Challenges Five WTO Members Imposing Illegal Tariffs Against U.S. Products
  14. July 18, 2018 – House Ways and Means Subcommittee on Trade Hearing on the Effects of Tariffs on U.S. Agriculture and Rural Communities
  15. July 24, 2018 – President Trump announced trade aid for farmers
  16. July 24, 2018 – Trump, Juncker voice desire to reduce tariffs, trade tensions (EU proposed additional $20 billion in tariffs for US exports)
  17. July 25, 2018 – Trump, E.U. announce deal to avert escalation of trade tensions
  18. September – Anticipated time period farming and ranching businesses can begin sign-up for USDA Market Facilitation Program
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* Spreadsheet will download to your device.