Economic sanctions against the United States
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The United States has imposed economic sanctions on multiple countries, such as France, United Kingdom and Japan since the 1800s. Some of the most famous economic sanctions in the history of the United States of America include the Boston Tea Party against the British Parliament, the Smoot-Hawley Tariff Act against its trading partners and the 2002 steel tariff against China.[1] Most recently, the United States of America has been involved in multiple trade wars and imposed economic sanctions on multiple countries such as China, Iran and Russia. In retaliation, multiple countries have imposed economic sanctions on the United States of America.[2]
History
[edit]The United States of America had multiple sanctions imposed on them throughout history.[citation needed] Most recently, United States President Donald Trump has introduced economic sanctions in 2018 on multiple trade partners, including China, Canada, the European Union and Mexico.[3] This series of tariffs are known as the "Trump tariffs" and has been responded negatively to by sanctioned trade partners. The United States of America has also imposed ongoing economic sanctions on Iran and Russia dating back to 1995 and 2014 respectively.[4][5] As of June 2019, the following countries and political unions below have introduced economic sanctions against the United States.
List
[edit]China
[edit]In 2018, Donald Trump's initiated a trade war with China by imposing tariffs on goods imported from the country.[6][7] China's Ministry of Commerce responded by imposing retaliatory tariffs on U.S. goods of a similar value, including a tariff of $60 billion U.S. goods and a further $100 billion tariff on the United States of America.[6]
Canada
[edit]Donald Trump, the former President of the United States of America introduced tariffs on European Union, Mexican and Canadian steel and aluminium on May 31, 2018.[3]
Justin Trudeau, the Prime Minister of Canada retaliated to the tariff with economic sanctions on U.S. goods such as steel and aluminum, as well as goods such as paper, plywood, whiskey and more on May 31, 2018.[8]
European Union
[edit]Former US President Donald Trump introduced tariffs on European Union, Mexican and Canadian steel and aluminium on 31 May 2018 as part of the Trump tariffs.[3]
The European Union retaliated with a tariff on U.S. goods such as steel and aluminium, along with other agricultural goods such as corn, orange juice, cranberry juice and manufactured goods such as electronic devices, washing machines, motorcycles, makeup and cosmetics, clothing and more on 22 June 2018.[9]
Mexico
[edit]Former President of the United States of America Donald Trump introduced tariffs on European Union, Mexican and Canadian steel and aluminium on May 31, 2018 as part of the Trump tariffs.[3]
President Andrés Manuel López Obrador of Mexico retaliated with a tariff on U.S. goods such as steel and aluminium, along with other agricultural goods such as cheese, pork, whiskey, apples and more on June 5, 2018.[10]
Iran
[edit]In November 1979, then President Jimmy Carter announced and imposed the sanctions for the first time after the American Embassy in Tehran was seized by a group of radical students and people were taken hostage.[11] In 1984, the United States approved sanctions to prohibit weapons sales and assistance to Iran. Since then, there have been no formal diplomatic relations between Iran and the United States.[11]
Russia
[edit]Dating from March 2014, the United States and Russia has had a strained diplomatic relationship due to a series of political events. On 6 August 2014, Russia imposed a ban on U.S. agricultural products and since then, the U.S. and Russia have been imposing economic sanctions on goods such as oil, agricultural products and more.[5]
CME Group suspended acceptance of Russian aluminum starting on April 13, 2024, in response to fresh sanctions from the US and UK following Russia's actions in Ukraine. Nevertheless, aluminum manufactured in Russia before April 13, 2024 retained its eligibility for delivery. Collaborative efforts between UK and US officials were aimed at minimizing any disturbances in the market.[12]
Effects of economic sanctions
[edit]Economic effects
[edit]The economic effects of an economic sanction can affect both the target country and the country that imposed the sanction. One immediate effect for the targeted country will be an increase in price or ban on the targeted exported goods; this can be seen in Mexico, as goods such as steel, pork, cheese and apples will become more expensive.[10] Also, the People's Republic of China has fallen from the second largest to the third largest market capitalization due to the ongoing trade war with the United States.[1] As the U.S. is one of China's largest trading partners, an economic loss for both countries is created.[1]
References
[edit]- ^ a b c Che, Yi; Lu, Yi; Pierce, Justin R; Schott, Peter K; Tao, Zhigang (April 2016). "Does Trade Liberalization with China Influence U.S. Elections?". National Bureau of Economic Research. doi:10.3386/w22178. Retrieved July 24, 2022.
{{cite journal}}: Cite journal requires|journal=(help) - ^ The Utility of International Economic Sanctions. Leyton-Brown, David (First ed.). London. ISBN 9781315099026. OCLC 1002188009.
{{cite book}}: CS1 maint: others (link) - ^ a b c d "Trump turns up pressure on Canada, Mexico with steel, aluminum tariffs". Detroit Free Press. Retrieved June 7, 2019.
- ^ AFP. "Iran may detail retaliatory steps on anniversary of US nuke deal pullout". www.timesofisrael.com. Retrieved June 6, 2019.
- ^ a b "A Timeline Of All Russia-Related Sanctions". Radio Free Europe / Radio Liberty. Retrieved June 6, 2019.
- ^ a b "China says Trump forces its hand, will retaliate against new U.S..." Reuters. September 18, 2018. Retrieved June 6, 2019.
- ^ Swanson, Ana (July 5, 2018). "Trump's Trade War With China Is Officially Underway". The New York Times. ISSN 0362-4331. Retrieved June 7, 2019.
- ^ "Canadian Prime Minister Justin Trudeau slams Trump on tariffs". Detroit Free Press. Retrieved June 7, 2019.
- ^ "EU Tariffs Take Effect, Retaliating For Trump's Tariffs On Steel And Aluminum". NPR.org. Retrieved June 6, 2019.
- ^ a b Swanson, Ana; Tankersley, Jim (June 5, 2018). "Mexico, Hitting Back, Imposes Tariffs on $3 Billion Worth of U.S. Goods". The New York Times. ISSN 0362-4331. Retrieved June 6, 2019.
- ^ a b "The History Guy: Iran-U.S. Hostage Crisis (1979-1981)". www.historyguy.com. Retrieved June 7, 2019.
- ^ Desai, Pratima (April 14, 2024). "CME bans Russian-origin aluminium after U.S., UK impose new sanctions". Reuters. Retrieved April 15, 2024.
Further reading
[edit]- Leyton-Brown, D. (1987). The utility of international economic sanctions. 1st ed. London: Routledge.
- Cortright, D., Dellums, R. and Lopez, G. (1995). Economic Sanctions. 1st ed. New York: Routledge.
- Che, Y., Lu, Y., Pierce, J., Schott, P. and Tao, Z. (2016). Does Trade Liberalization with China Influence U.S. Elections?. 1st ed. [ebook] Massachusetts: National Bureau of Economic Research. Available at: https://www.nber.org/papers/w22178 [Accessed 31 Mar. 2019].
- Broadberry, S. and Harrison, M. (2009). The Economics of World War I. New York: Cambridge University Press.