UPDATED: Trump administration slaps tariffs on roughly $200 billion more in Chinese goods
Source: Washington Post
President Trump threw his biggest punch yet at China, imposing tariffs on an additional $200 billion worth of Chinese imports and gambling that American consumers are willing to pay more for popular products to wring trade concessions from Beijing. With Mondays announcement, roughly half of the $505 billion in goods that Americans buy annually from Chinese firms will face new import levies.
Unlike the $50 billion in Chinese products that Trump hit in the first tariff wave in July which fell mainly on industrial goods Mondays action will affect consumer products such as air conditioners, spark plugs, furniture and lamps.
Starting Sept. 24, American importers will pay an extra 10 percent tariff for the affected items, rising to 25 percent at the end of the year, according to senior administration officials, who briefed reporters on the condition that they not be identified by name.
China has vowed to retaliate for the latest U.S. tariffs with new import taxes on $60 billion in American products. If that happens, the president said he would immediately begin the process of approving tariffs on a further $267 billion in Chinese imports effectively taxing everything Americans buy from China.
Read more: https://www.washingtonpost.com/business/economy/trump-administration-slaps-tariffs-on-roughly-200-billion-more-in-chinese-goods--a-move-almost-certain-to-trigger-retaliation/2018/09/17/15ded2f0-b215-11e8-a20b-5f4f84429666_story.html
Full new title: Trump administration slaps tariffs on roughly $200 billion more in Chinese goods a move almost certain to trigger retaliation
Original story and title -
By Washington Post Staff
September 17 at 6:36 PM
President Trump is proceeding with plans to put tariffs on a variety of Chinese products, including everyday consumer goods. The tariffs, which take effect later this month, will be 10 percent until the end of the year, when they will rise to 25 percent.
The action follows earlier import taxes on $50 billion of Chinese goods, most of which went into effect in July.
This is a developing story. It will be updated.
https://www.washingtonpost.com/news/business/wp/2018/09/17/trump-administration-slaps-tariffs-on-roughly-200-billion-more-in-chinese-goods-china-has-vowed-to-retaliate-against-such-a-move/?utm_term=.c75dbc4096c3
This is called throwing everything including the kitchen sink to distract.
George II
(67,782 posts)Eliot Rosewater
(31,106 posts)him to do this.
Running out of time folks, we really are.
BumRushDaShow
(128,372 posts)There was one about a cap on refugees, the delay of the Kavanaugh vote, the new tariffs. And today is Monday.
sinkingfeeling
(51,435 posts)Bernardo de La Paz
(48,938 posts)Bernardo de La Paz
(48,938 posts)There may be a quick jump in economic activity during the next week as orders are placed to try to beat the tariffs, but October may be cruel for workers unless tRump is lucky and most of the repercussions shift into November. But expect significant price rises in October.
FloridaBlues
(4,002 posts)I hope this can be reversed with the next Dem President in 2020 if not too late to hurt our economy
BumRushDaShow
(128,372 posts)joshcryer
(62,265 posts)They're getting out of the sinking ship that is about to implode under the enormous weight of Amazon.
BumRushDaShow
(128,372 posts)Thanks for the reminder. The canary in the coal mine here.
GeorgeGist
(25,311 posts)for most of US.
watoos
(7,142 posts)but with Trump escalating the trade war it will affect the stock market. Trump's rich pals are not going to be happy, Trump could care less about poor consumers.
joshcryer
(62,265 posts)pampango
(24,692 posts)can ignore them and just do whatever he wants to do? Why did we negotiate in the past? Why should we do so now?
Other leaders must be asking themselves such a questions.