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3:05Now PlayingWhat this 'trade war' means for you
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July 10, 2018
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3:05Now PlayingPresident Trump’s fresh tariffs on $34 billion in Chinese goods set the stage for price increases hitting American companies and consumers. So how does it affect the everyday American? We explain.
Essentially, a trade war is a back-and-forth dispute wherein a country imposes tariffs on certain imports in order to restrict trade, reports CNN. In response, the country or countries affected by those tariffs impose their own fees on imports. Put simply, tariffs are fees or taxes assessed on certain products when imported into a country.
In the case of the China-U.S. squabble, Trump imposed aluminum and steel tariffs in early March in order to protect those American industries. He then announced 25% tariffs on $50 billion to $60 billion in Chinese exports to the U.S., including aerospace, information and communication technology, and machinery. On Monday, China placed fees on a wide range of U.S. products, including scrap aluminum, sparkling wine and apples. Trump then promised tariffs on about 1,300 Chinese products. Hours later, China came out with more tariffs, this time taking aim at Boeing planes. On Thursday, Trump was entertaining the idea of another $100 billion in tariffs.
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