On March 22, 2018, local time, US President Trump signed a presidential memorandum in Washington. Based on the results of the "301 investigation" he will impose large-scale tariffs on goods imported from China and restrict Chinese companies from investing in the United States.

U.S. local time on March 22 (0:30 am on the 23rd, Beijing time), Trump asked U.S. Treasury Secretary Mukuchin to formulate new investment restrictions within 60 days to limit China’s investment in U.S. corporate technology. At the same time, Trump assigned US Trade Representative Lite Shizzle to announce a list of Chinese products that will be subject to tariff increases within 15 days.

In response, the Ministry of Commerce of the People's Republic of China issued a list of discontinuation concessions for U.S. imports of steel and aluminum products 232 measures and solicited public opinions, intending to impose tariffs on certain products imported from U.S. to balance imports of steel and aluminum products from the United States. Levy tariffs on losses caused by Chinese interests.

In the early morning of April 6, Trump took another shot just two days after the second round, “considering” adding an additional tariff on the 100 billion U.S. dollars to China’s imports, reflecting the previous two Chinese’s resolute response to the U.S. pain point. Trump Anxious to test China's bottom board; at the same time, it shows that the United States still has more hands after the hand.

At 8 am in the evening, the Chinese Ministry of Commerce held a briefing on Sino-U.S. trades with a hard-line attitude. He proposed that “no options will be ruled out” and “very specific countermeasures have been formulated”, “without hesitation”, and “bottom line thinking”. From the second round of "equal intensity, the same scale" to "stronger."

The size of China’s imports of goods from the United States in 2017 is about 153 billion US dollars. It is expected that “strongly” will be a combination punch:

Select part of imported goods and imposed tariffs on US service trade (US $30.7 billion in exports to China). During the period, the United States’ attitudes were strong, weak, and tough. In parallel with the signal of consultations, the Ministry of Commerce mentioned that the US-China trade and economic negotiations had recently closed and the trade war had escalated to the third round.

Industries that are affected by the trade war are positive:

There are mainly defense military, non-ferrous metal (gold), agriculture, forestry, animal husbandry and fishery, retail trade, catering and tourism (tax exemption), medicine, electronics, and computers. Among them, agriculture, forestry, animal husbandry and fishery, retail trade, medicine (generic drugs), and tourism (tax-free business) mainly benefit from import substitution logic; medicine (innovative drugs), electronics, and computers mainly benefit from independent innovation logic; national defense industry and gold benefit from The tensions in international relations and the logic of risk aversion under the trade war.

Investors sold US stocks and sought safe-haven assets. The most representative US 10-year Treasury bond yield hit a high of 2.95% this year in late February and continued to decline thereafter. This shows that for the purpose of risk aversion, some investors began to return to U.S. debt.