US-China trade war

The China-US trade war began in January 2018 when US President Donald Trump imposed tariffs and trade barriers on China, citing unfair trade practices and intellectual property theft. The conflict escalated through 2019, with China accusing the US of engaging in nationalist protectionism and taking retaliatory action. In January 2020, the two sides reached a phase-one agreement, but by the end of Trump's presidency, the trade war was characterized as a failure for the US. The Biden administration kept the tariffs in place and added new levies on Chinese goods, while Trump proposed a 60% tariff on Chinese goods in 2024. China's current account surplus increased rapidly after joining the World Trade Organization in 2001, and as of 2024, the global current account surplus is largely composed of China, Europe, and the Middle East.learn more on wikipedia