Latest Progress about Sino-US trade disputes

Sino-US trade disputes are an important issue in Sino-US economic relations. Trade disputes mainly occur in two aspects. one is China's export sector with comparative advantages. the other is lack of superior import and technical knowledge in China. The former is basically competitive. The latter is not fully functioning in the market. They have different effects on the economic welfare and long-term development of the two countries.

On May 9th 2019, the US government announced that since May 10, 2019, the tariff rate imposed on the $200 billion list of goods imported from China. China has increased from 10% to 25%. On May 13, with the approval of the Party Central Committee and the State Council, the State Council Customs Tariff Commission decided to increase the tariffs on the US$60 billion list of US goods that have been subject to tariffs since 0:00 on June 1, 2019. The tax rate is imposed on 25%, 20% or 10% respectively. For tariff items that have previously been subject to a 5% tariff, 5% tariffs will continue to be imposed.