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How Much Do You Know About the US-China Trade War?

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Editor, TRANSFIN.
May 13, 2020 6:50 AM 5 min play


The US-China trade war is back in the news. US President Donald Trump has threatened new tariffs on China after accusing it of covering up the initial coronavirus outbreak.

 

Nearly two years since the world's two largest economies began a tit-for-tat trade conflict, tariffs are back in vogue and superpower threats and accusations are back in the headlines. And you thought a "Phase One" trade deal and an all-out pandemic would provide some tariff respite!

 

It may seem like ages ago, but until barely weeks ago (before COVID-19 crept into all headlines), every other Business and Finance news alert seemed to be directly or indirectly about the trade tensions between Washington and Beijing. The conflict has evolved since it began in 2018, from the initial moderate-level levies to 20%-level tariffs on hundreds of billions worth of goods exported and imported by both sides. And as the two giants quarrelled, smaller countries on the ground suffered consequences as stock markets succumbed to volatility and the global economy dived downwards.

 

This week in Quiz Knock, you'll be tested on your trade war expertise. How ardently have you followed Trump's tirades and Xi's retaliations? Let's find out!

 

Here's a teaser:

  1. The seeds of the US-China trade war are said to have been sown with China's ascension to the World Trade Organisation (WTO). In which year did China join the WTO?
  2. As of May 13th 2020, what is the status of tariffs between US and China?
  3. What is the official start date of the trade war? (Although many tariffs were announced before this date, this is when the US actually began collecting increased tariffs on Chinese products.)
  4. The chief trade negotiators from US and China, respectively, are:
  5. Who once said that the US-China trade war "may last 20 years, unfortunately"?
  6. The trade deficit the US had with China was a staggering $419bn in 2018, the year the trade war started. In 2019, the trade deficit:
  7. Which Chinese company is Trump talking about here?
    How Much Do You Know About the US-China Trade War?
  8. The Phase One trade agreement was announced in December 2018 and signed by both parties a month later in ______.
  9. "Nobody wins a trade war," some say. Yet there have been some beneficiaries of the US-China tariff conflict. Which of these countries have benefited economically over the past two years?
  10. While the world's two largest economies have been engaged in a trade war, which two other countries have embarked on a trade conflict of their own?

FIN.

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