The context:
On March 22, President Trump announced a new round of tariffs on around $50bln of Chinese imports (leaving Europe off for now) and China unveiled tariffs on $3bln of US imports. This adds to the measures announced on March 8, when US President Trump signed an order that imposes tariffs on imported steel (25%) and aluminum (10%), effective on March 23. Canada and Mexico are exempt for an undetermined period, in part conditional on the progress in NAFTA negotiations. Further exemptions may be granted for long-term allies (e.g., Australia), and for products that are no longer produced into the U.S, but there is no clarity at the time of writing regarding how and if any exemptions will be agreed.
