The G-20 summit concluded at the beginning of this month and provided some relief to Chinese and American importers for 2019 as a 90-day ceasefire from the current tariff wars. A White House press release explained that on January 1, 2019, tariffs on $200 billion worth of imported Chinese products will not be raised to 25% from the existing 10%. In response, China agreed to purchase a substantial amount of agricultural, industrial, and energy products from the US, although an exact amount has not been determined. This is only a 90-day ceasefire and if the US and China cannot reach an agreement on issues like forces transfer of technology, intellectual property protection, non-tariff barriers, cyber intrusion and a whole other host of issues by March 1, 2019 the tariffs will be raised from the 10% to the 25%.
In March of this year the Trump administration raised the import duties on aluminum and steel from 10% to 25% which caused China to create retaliatory tariffs, creating a trade war. Since this change, the US has imposed tariffs on $250 billion worth of Chinese goods and China has imposed tariffs on $110 billion worth of US goods.