Trump has decided to impose tariffs on $200 billion in Chinese goods in dramatic escalation of trade battle
By Damian Paletta and
David J. Lynch
September 15 at 4:44 PM
President Trump has decided to impose tariffs on $200 billion in Chinese goods, two people briefed on the decision said, one of the most severe economic restrictions ever imposed by a U.S. president.
An announcement is expected to come within days, the people said, speaking on the condition of anonymity because they weren’t authorized to discuss internal plans.
The new tariffs would apply to more than 1,000 products, including refrigerators, air conditioners, furniture, televisions and toys. These penalties could drive up the cost of a range of products ahead of the holiday shopping season, though it’s unclear how much.
Apple said recently its Apple Watch, AirPods, MacMini and a variety of chargers and adapters would be caught in the tariff war. “Our concern with these tariffs is that the U.S. will be hardest hit, and that will result in lower U.S. growth and competitiveness and higher prices for U.S. consumers,” the company said in a letter to the U. S. Trade representative. “The burden of the proposed tariffs will fall much more heavily on the United States than on China.”
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Trump has ordered aides to set the tariffs at 10 percent, likely leading to higher prices for American consumers. These tariffs are paid by U.S. companies that import the products, though they often pass the costs along to U.S. consumers in the form of higher prices.
The U.S. imports roughly $500 billion in Chinese goods each year, and — combined with existing tariffs — these new penalties would cover half of all goods sent to the U.S. from China each year.
The 10 percent tariff is scaled back from Trump’s initial plan to impose 25 percent penalties on all of these imports. But the impact will still likely be felt by millions of American consumers.
A White House spokesman didn’t immediately respond to a request for comment on Saturday afternoon.
more:
http://www.washingtonpost.com/business/2018/09/15/trump-plans-tariffs-billion-chinese-goods-dramatic-escalation-trade-battle/?utm_term=.dcc991a4b915
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