President Donald Trump’s rejection of the Trans-Pacific Partnership (TPP) has upended U.S. trade policy, intensifying debate over the effects of trade on employment, inequality, national sovereignty, and safety standards.
China's tariffs on U.S. commodities? A huge impact. Especially on bilateral trade. But also on global U.S. exports of soybeans.
China's tariffs on U.S. manufactures? By comparison, a relative modest impact.
China's 2018 trade surplus fell by a bit more than I would have expected, and it wasn't all because of higher commodity imports. Imports of manufactures were strong relative to export growth. Could that have been caused by Huawei stockpiling chips?
Experts from the Council of Councils grade international cooperation on global trade a middling C in 2018, rank it one of the lowest priorities on the global agenda, and are only somewhat optimistic about progress in the next year.
Tariffs have been applied over the years to protect homegrown industries and target competitors who are seen as using unfair trade practices. They impose costs on both importers and exporters and had been in decline until the recent U.S.-China trade spat.