By Steve Goldstein, MarketWatch
As rhetoric on global trade ratchets higher, here’s a look at what new tariffs have been imposed and what has been threatened this year.
|Imposer||Target||Subject||Rate||Imposed or threatened|
|U.S.||China, South Korea and Mexico||Washing machines||20%-50%||Imposed|
|U.S.||Most countries, notably China||Solar panels||30%||Imposed|
|U.S.||European Union, Canada, Mexico and most other countries||Steel||25%||Imposed|
|U.S.||European Union, Canada, Mexico and most other countries||Aluminum||10%||Imposed|
|Turkey||U.S.||Cars, alcoholic drinks, tobacco, coal, makeup and rice||Doubled to as high as 140%||Imposed|
|European Union||U.S.||Bourbon, orange juice, jeans and other products||25%||Imposed|
|Mexico||U.S.||$3 billion of U.S. goods including steel and pork||20%-25%||Imposed|
|Canada||U.S.||$12.8 billion of U.S. goods including maple syrup and whiskey||10-25%||Imposed|
|European Union||Most countries, except for “some developing countries.”||Import tariff quotas on a number of steel products||25%, once imports exceed the average over the last three years||Imposed|
|India||U.S.||$241 million of apples, stainless steel and other products.||7.5%-60%||To take effect Nov. 2 after second delay|
|U.S.||China||$50 billion of goods||25%||Imposed|
|China||U.S.||$50 billion of U.S. goods||25%||Imposed|
|U.S.||China||$200 billion of goods||10%, with threat to go to 25% on Jan. 1||Imposed|
|U.S.||China||$267 billion of goods||Threatened|
|China||U.S.||Additional $60 billion of products||5%-10%||Imposed|
The context of these tariffs is the trade deficit the U.S. runs, which totaled $568 billion in 2017. The Trump administration maintains that the size of that gap is due to unfair trade agreements. Critics point out that U.S. consumers are the beneficiaries of this gap.
President Trump first announced his intention to impose steel and aluminum tariffs on March 1, and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.85% only recently has advanced after being stuck in a narrow range for months.
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