[Chronicle] From Trump's 2nd Term US-China Tariff War to Beijing Summit

[Chronicle] From Trump's 2nd Term US-China Tariff War to Beijing Summit

U.S. President Donald Trump and Chinese President Xi Jinping held a summit in Beijing, China, on the 14th (local time).

The two leaders' meeting was the first in about six months since their summit in Busan, Korea, in late October last year, and their first meeting in Beijing in almost nine years since November 8-10, 2017, during Trump's first term.

The leaders of the two countries, who were once sharply opposed, imposing ultra-high tariffs exceeding 100% on each other, discussed bilateral issues such as trade problems, including the currently 'truced' tariff war, and China's control over rare earth supply.

In addition, the Taiwan issue and the Korean Peninsula issue were also on the summit table that day, and the Iran war also appears to have been discussed as an agenda item.

The following is a chronicle of major events from the inauguration of the Trump administration's second term until today's US-China summit.

◇ 2025

▲ January 20 = President Trump takes office. Announces a 25% tariff on Mexico and Canada from February 1, and mentions considering new tariff imposition measures on China.

▲ February 4 = US imposes 10% tariff on China related to fentanyl.

▲ February 10 = China imposes 10-15% retaliatory tariffs on US energy and goods.

▲ March 4 = US adds another 10% tariff on China related to fentanyl. Total 20% tariff applied.

▲ March 10 = China imposes 'second retaliatory tariff' of 10-15% on US agricultural and livestock products.

▲ April 2 = US announces 'reciprocal tariff' plan, declaring a 34% tariff rate on China.

▲ April 4 = China announces a retaliatory tariff rate of 34% on the US.

▲ April 9 = US announces an increase in reciprocal tariffs to 84%.

▲ April 9 = China announces an increase in retaliatory tariffs to 84%.

▲ April 10 = US recalculates tariffs on China to 125% just 13 hours after the start of reciprocal tariffs. Including fentanyl-related tariffs, total 145%.

▲ April 11 = China increases retaliatory tariffs to 125% (effective April 12).

▲ May 12 = US and China reach 1st trade agreement in Geneva, Switzerland. Agree to reduce respective tariff rates by 115%p. US tariffs on China from 145% to 30%, China's tariffs on US from 125% to 10%.

▲ June 10 = US and China reach 2nd trade agreement in London, UK. Agree to lift China's rare earth export controls, etc.

▲ July 29 = US and China reach 3rd trade agreement in Stockholm, Sweden. Tentatively agree to extend 1st and 2nd agreements by 90 days.

▲ September 15 = US and China reach 4th trade agreement in Madrid, Spain. Tentatively agree on a framework related to China's sale of TikTok's US business rights.

▲ October 9 = China announces strengthening export controls on rare earth equipment and technology (effective November 8).

▲ October 10 = US, in response to China's strengthened rare earth export controls, announces an additional 100% tariff on China and warns of export controls on key software (effective November 1).

▲ October 14 = US and China begin imposing port fees on each other's ships. China sanctions 5 US subsidiaries of Hanwha Ocean.

▲ October 26 = US and Chinese delegations meet for the 5th time in Kuala Lumpur, Malaysia, agreeing on a framework for a summit.

▲ October 30 = US-China summit held in Busan. US reduces fentanyl tariffs on China by 10 percentage points and extends the suspension of 24% reciprocal tariffs for one year. China extends the suspension of strengthened export controls on rare earth equipment and technology for one year.

▲ November 24 = President Trump announces plans to visit Beijing in April 2026.

▲ December 18 = US approves a weapon sales package worth 11.154 billion dollars (approx. 16.4 trillion won) to Taiwan.

▲ December 26 = China announces sanctions on 20 US defense companies and 10 executives due to weapon sales to Taiwan.

◇ 2026

▲ January 12 = President Trump announces '25% tariffs on all countries trading with Iran'.

▲ February 4 = US-China leaders' phone call. President Xi tells President Trump to 'be cautious about selling weapons to Taiwan'.

▲ March 15 = President Trump demands China's participation in escort operations for ships in the Strait of Hormuz, mentioning the possibility of postponing the US-China summit.

▲ March 16 = President Trump officially announces 'requesting China to postpone the US-China summit'.

▲ March 25 = US announces new dates for President Trump's visit to China and the US-China summit on May 14-15.

▲ April 15 = US announces 'Operation Economic Fury' against Iran, mentioning the possibility of secondary sanctions on Chinese banks.

▲ April 30 = US and Chinese diplomatic and trade chiefs hold a series of phone calls to coordinate the bilateral summit in advance.

▲ May 1 = US announces sanctions on Chinese companies and individuals for importing Iranian oil products.

▲ May 8 = US announces sanctions on Chinese companies and individuals for supporting Iran's weapon and drone production.

▲ May 13 = US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng hold a preliminary high-level meeting in Seoul before the US-China summit.

▲ May 14 = President Trump and President Xi hold a summit at the Great Hall of the People in Beijing.