The Trump administration’s 15 percent tariff increase on $110 billion worth of Chinese goods went into effect on September 1.
The U.S. had already imposed tariffs on $250 billion worth of Chinese goods, which are set to rise to 30 percent in a month’s time, according to a Global Research report.
The latest tariffs are expected to directly impact consumers. According to the report, in May, the New York Federal Reserve estimated that tariffs imposed on Chinese imports were “already costing the average American household $831 a year because of their direct effect on prices and their impact on economic efficiency.”
China implemented retaliatory tariffs over the weekend, which will hit $3.2 billion worth of U.S. soybean exports, $2.55 billion worth of crude oil and $1.16 billion of pharmaceutical products.
Global Research has more information:
The Trump administration has gone ahead with its decision to impose a 15 percent tariff on $110 billion worth of Chinese goods in one of the most significant escalations of the trade war that has now lasted more than a year.
The new tariffs came into effect yesterday and will impact on a range of consumer products from footwear and clothing to certain technology products. The 15 percent tariff hike is set to be extended to a further $160 billion worth of Chinese goods from December 15, with the prospect that the rate could also increase.
The US has already imposed tariffs on $250 billion worth of Chinese goods, mainly business products, and these are set to rise to 30 percent in a month’s time.