The Trump administration is reportedly now open to trade talks with China, the largest U.S. trade partner. For China — and most of America’s trade partners — it was a long summer. President Trump spent June, July and August imposing new tariffs to discourage imports. His administration has also announced that further tariffs are on the way. The scale of Trump’s potential new protection is enormous, even if the president limits further tariffs to only the auto imports and trade with China that he has under threat. By the midterm elections, 40 percent of total U.S. imports could be hit by new tariffs that Trump imposed in 2018 alone. To trade economists, the point of these tariffs is puzzling. Countries followed through with immediate retaliation when Trump failed to heed advanced warnings and imposed his tariffs, anyway. Trump’s message seems to be that America should trade less with the world, not more. Some of his tariffs, such as those on China, appear punitive. Others are an attempt to coerce countries to negotiate trade deals. But even Trump’s self-professed “deals” may reduce as much American trade as they create. Here’s a recap to catch you up on the Trump trade and tariffs story: 1. The U.S. imposed tariffs and quotas on imports of $48 billion of steel and aluminum. On June 1, Trump imposed new tariffs on metal imports from Canada, Mexico and the European Union. This extended earlier steel and aluminum restrictions on imports from China, Russia, and other countries after the Trump administration declared these were a threat to “national security.” [Trump has announced massive aluminum and steel tariffs. Here are 5 things you need to know] Nevertheless, the June 1 tariffs came as a surprise. The E.U. and Canada are key economic and mil
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