April 9: China filed a complaint to the World Trade Organization (WTO) against Trump's metal tariffs. But billions of dollars in tariffs have already been imposed on imports and exports between the two countries.
In the meantime, signs of the trade war are creeping into the economic data. So far, Trump's tactics - his tariffs on washing machines, solar panels, steel and aluminum, and Chinese imports - have yielded nearly no such reform.
A first round of tariffs came into effect on 6 July, when the United States imposed 25% taxes on $34bn of Chinese imports.
"For the goods that have less impact on China's industrial production and consumption, the tariff rates are much higher, but that can effectively hit back on the U.S. when it is necessary to levy", he said. "Plants are opening all over the United States, steelworkers are working again, and big dollars are flowing into our Treasury".
Answering a reporter's question about what was specifically said on trade, Wang said: "We did not speak in such details". United States steel-aluminium tariffs on imports from Mexico-Canada have elicited a token response of $15.8 billion in Mexican and Canadian tariffs on U.S. imports. When a big US retail chain or an equipment manufacturer has to pay 10 or 25 percent more to get steel from Canada or a certain part from China, that USA company has to pay the tax when it imports that item.
The ministry reiterated that since the U.S. has ignored the interests of companies and consumers in both countries, China has to take the necessary countermeasures to safeguard the dignity and interests of its people, defend free trade and the multilateral system, and ensure the common interests of all the countries of the world.
Bona fide trade wars are never limited to tariffs. Farmer groups have decried the trade tensions as soybean futures slumped.
The declaration comes amid a growing U.S. -Sino trade spat.
Trump and his team have repeatedly argued that a little short-term pain from the tariffs will be worth it in the end when the president negotiates new trade deals and terms with other nations that lower trade barriers. This has occurred in spite of Huawei being nearly entirely absent from the American market.
It was unclear which measure of Chinese stocks Mr Trump was referring to. That escalation is likely to continue into September, when those tariffs are supposed to go into effect. Trump is the one who froze those negotiations for a Transatlantic Trade and Investment Partnership, in order to launch his trade war.
OH to have a sales-tax holiday
The claim was that it cost the state $13 million in revenue and lawmakers created a tax reform bill against it. The Saturday after Thanksgiving is also a tax holiday in New Mexico, thanks to legislation passed in March.
Here Trump will prove flexible and eventually settle for minor adjustments in trade terms, just as he did with the South Korea trade pact earlier this year.
One of Mr Trump's top economic advisors said the USA leader has no intention of backing down. "Likewise other countries. We are Winning, but must be strong!"
Unlike China, where trade negotiations are now frozen and no discussions are underway, both Europe and Mexico in recent weeks have been signalling they are amenable to a quick deal with Trump if he will settle for relatively minor concessions. "Don't underestimate President Trump's determination to follow through". The deal was "more evidence that the American president is the master negotiator".
Washington has announced a further £12bn ($16bn) of Chinese products will be targeted in the coming weeks. That's something that was going to happen anyway, with or without any agreement with Trump - and with or without his tariffs and tariff threats.
By contrast, the Chinese phone maker Huawei has just overtaken the United States brand Apple as the most purchased make of smartphone in the world.
It was the latest in a series of tariffs, with the first being imposed by Trump back in early February. In exchange, Juncker offered to buy more USA soybeans and United States natural gas at some point in the future.
"China's countermeasures with differentiated tariff rates are rational and restrained, and were proposed after extensively soliciting opinions and careful evaluation".
China plans to impose a 25 percent tariff on imports of us -manufactured solar cells - but the world's biggest manufacture of solar cells now imports few of the cells used to make panels that generate power. Not so the case, however, with China. But there are major obstacles in the way of further negotiations.
Unlike NAFTA and Europe, a quick settlement with China is not in the works.