It's Been 14 Months Since Trump Said 'Trade Wars Are Good And Easy To Win'

President Donald Trump crosses the tarmac from Marine One to board Air Force One on Friday. White House photo by Shealah Craighead. 

Fourteen months after President Donald Trump said trade wars "are easy to win," investors are still dealing with market weakness and volatility as the trade dispute between the U.S. and China continues, with the latest volley being a U.S. ban on supplying the Chinese phone company Huawei with technology and resulting collateral damage

“When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win,” Trump tweeted back on March 2, 2018.

Since that time, several rounds of tariff hikes between the U.S. and China have culminated with the latest exchange of economic fire earlier this month.

The Timeline 

In July 2018, the U.S. enacted its first China-specific tariff, a 25-percent duty on $34 billion in Chinese goods. China responded with its own tariffs on $34 billion of U.S. goods.

In August 2018, both the U.S. and China added another $16 billion in goods to their 25-percent tariff lists. At this point, each nation had $50 billion in export goods subject to 25-percent tariffs.

In September, the U.S. enacted 10-percent tariffs on an additional $200 billion of Chinese imports. Trump also said the tariff rate on these goods would rise to 25 percent on Jan. 1, 2019. China responded by adding new tariffs on $60 billion in U.S. goods.

On Dec. 1, the U.S. and China agreed on a halt to the trade war, and Trump delayed the Jan. 1 tariff hike until early March while negotiations continued. The tariff hikes were again delayed indefinitely in late February.

On May 10, the U.S. followed through with its threat to raise tariffs on $200 billion of Chinese imports from 10 percent to 25 percent. China responded with its own tariffs of up to 25 percent on $60 billion of additional U.S. goods that are set to go into effect on June 1.

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