China Hammers US Goods With Tariffs As Sparks Of Trade War Fly

■ 1348-1349: The Byzantine-Genoese War. Most trade passing through the Bosphorus stopped at the Genoese port of Galata, with just 15 per cent stopping at Constantinople. In 1348, the Byzantine Empire dropped their tariffs below Galata’s in an effort to bring in more trade. The Genoese retaliated by sinking the Byzantine fleet, and the Byzantines burnt Galata before peace was negotiated.

■ 1773: The Boston Tea Party. The British Townsend Tax of 1767 imposed duties on sales of tea, leading to North Americans turning to Dutch imports. The British Tea Act of 1773 was an attempt to undercut the ‘smuggled’ tea. The destruction of East India Company tea at Boston was a key build-up to the American Revolutionary War and the foundation of the United States of America.

■ 1806-1814: The Napoleonic Blockade. The early phases of the Napoleonic Wars saw British exports to the continent fall by up to 55 per cent. When Napoleon realised the British were still exporting through Spain and Russia, he instigated the Berlin Decree of 1806, and invaded both countries, eventually leading to his defeat in the Peninsular War and his retreat from Moscow in 1812.

■ 1839-1860: The Opium Wars. Disputes over Anglo-Chinese trade resulted in the Opium Wars, which ultimately weakened China’s Qing dynasty and forced it to open up trade with other nations.

■ 1906-1908: The Pig War. The dominant Austro-Hungarian Empire unsuccessfully tried to impose a customs blockade on Serbian pork, its major export. Serbia opened up trade with France and Bulgaria, and Austria-Hungary was forced to climb down, ending the blockade in 1908.

■ 1934: The Smoot Hawley Act. During the Great Depression the US imposed high tariffs on imports of agricultural and manufactured goods in an effort to protect domestic producers. Other nations retaliated. The move, repealed in 1934, likely exacerbated the depression in the US and prolonged the recovery of world trade.

■ 1948: The General Agreement on Tariffs and Trade. An international agreement of 75 countries to reduce tariffs and barriers to trade, now operated by the World Trade Organisation.

■ 1995: The World Trade Organisation founded under the Marrakesh Agreement of 1994. Comprised 164 member states to regulate trade of goods, services and intellectual property through trade agreements and dispute resolution.

■ 2016: US Presidential election. Presidential candidate Donald Trump repeatedly criticises the North American Free Trade Agreement (NAFTA) and Trans-Pacific Partnership (TPP) trade agreements, and threatens 45 per cent tariffs on Chinese imports to the US.

■ January 23, 2017: President Trump pulls the US from the TTP three days after being sworn in.

■ January 23, 2018: President Trump announces four years of tariffs on imported solar panels, falling from 30 per cent in the first year, to 15 per cent in the fourth. Three years of tariffs are imposed on washing machines.

■ March 1, 2018: President Trump announces his intention to put a 25 per cent tariff on steel imports and a 10 per cent tariff on aluminium imports.

■ March 8, 2018: President Trunmp signs an order to impose steel and aluminium tariffs after 15 days. Canada and Mexico are granted exemptions.

■ March 22, 2018: The White House announces exemptions to steel and aluminium tariffs for Canada, Mexico, the European Union, Australia, South Korea, Brazil and Argentina until May 1, 2018.

■ March 22, 2018: President Trump signs a memorandum imposing tariffs on $50 billion worth of Chinese goods, with a list of such goods to be produced within 15 days and a further 30 days of public consultation.