For many years, according to businesspeople, financial market experts, and government officials around the world, Chinese manufacturers have forced business owners to divulge trade secrets to them in order to do business with one another. Businesses around the world have adhered to such demands by Chinese businesspeople because China is home to many of the world’s most valuable manufacturing offers.
United States President Donald Trump, a longtime businessman, has also long been aware of allegations against the Chinese government and its businesspeople for requiring foreign business entities, many of which have been and currently are based in the United States, to give up such information.
As a means of protecting the business and financial interests of the United States, President Donald Trump lobbied a litany of tariffs against the People’s Republic of China on March 22, 2018.
Just as President Trump, as well as financial experts around the world, had expected, Chinese government officials moved to place their own tariffs on products imported from the United States just two weeks after the United States made its move, on April 2, 2018. From there, the two countries have levied a ton of tariffs against one another, all of which have been maintained since they were implemented.
According to CNBC, earlier today, on Tuesday, Aug. 13, 2019, the United States Trade Representative office released a report that a line of tariffs that were slated to be enacted in the next few weeks by the Trump administration would be held off until the end of the year. Further, the U.S. Trade Representative office indicated that a handful of the consumer items that have been subject to tariffs for over a year will be excluded from the United States’ list of tariffed products.
The aforementioned tariffs were slated to be written into law in the next few days and be realized on Sept. 1.
As predicted, stock markets around the world have rallied since the outset of the announcement, with the Nasdaq, S&P 500, and Dow Jones Industrial Average rising 1.95 percent, 1.46 percent, and 1.41 percent at the end of trading hours yesterday, respectively.
Bibles were dropped from the list of tariffs, which is substantial relative to the global supply of bibles, as the United States imports more from China than anywhere else. Frozen haddock, salmon, and cod fillets, as well as radioactive compounds and elements, were dropped from the list.
A portion of goods, however, will be faced with a renewed tariff on Sept. 1, including shelled nuts, unworked human hair, and American flags.