325 New Trade Tariffs imposed by USA on Chinese Imports - a podcast by Michael Veazey

New Trade Tariffs from USA imposed on China [Trade War News]

US Tariffs of 25% imposed on $234B worth of Chinese Imports

New Trade Tariffs have been imposed by the US government on imports from China.

President Donald Trump escalated the trade war with China on Friday, imposing new trade tariffs on $200 billion worth of Chinese goods, now at 25%, up from the previous 10% rate.



This set the stage for  Beijing to retaliate, with their own tariffs on American imports.

The Trump administration has sought to increase pressure on Chinese officials in negotiations taking place this week. After accusing China of reneging on past trade commitments, the US imposed new trade tariffs on a huge range of Chinese imports.

About $250 billion worth of Chinese products will now face a 25% duty when imported into the USA.

Previously, the majority of those products had been subject to a 10% import tax.

That could lead to higher prices on a wide range of everyday products from electronics to clothing. While Trump claims Chinese companies will pay the price, research suggests American businesses and consumers bear the brunt of tariffs.



Chinese Response to New Trade Tariff

Officials at the Chinese Commerce Ministry — vowed on Wednesday to take "necessary countermeasures" against increased new trade tariff .

They also expressed optimism that the US could "meet China halfway," the report said.

Those could include tariffs on American products or other trade barriers.

China has already placed retaliatory duties on $110 billion worth of imports from the US, which had caused significant trouble for the US agricultural sector.

The Chinese delegation said in a statement on Friday that it "deeply regrets" the US decision.



Are the New Tariffs Here to Stay?

The escalation comes just as officials were thought to be nearing a deal.

As recently as last week, there were high hopes for the two days of trade negotiations in Washington

While both countries have indicated a trade deal is still possible, questions have been raised about the timeline.

While China might be forced to fold, experts agree that it would take more action from the US than already taken. Most likely, China will not change its approach and the US action is likely to stay permanent.



Future New Tariffs

Trump on Monday also threatened to slap steep tariffs on all remaining Chinese imports, roughly $325 billion, a move that economists warn would have widespread effects on businesses and consumers.

"New tariffs on those goods that president has so far left untaxed will fall on American families, as these mostly hit textiles, apparel, shoes, home goods, etc.," said Mary Lovely, a trade scholar at the Peterson Institute for International Economics.

"Higher taxes on these goods are likely to be highly regressive, in that lower and middle class Americans spend a higher portion of their income on these Chinese imports than do higher income Americans," she continued.



What goods do the new trade tariffs cover?

The tariffs cover a wide array of goods, from minerals used in manufacturing, to vegetable juices, to leather handbags.

We have a downloadable list of the goods currently affected below.

The new trade tariffs come as the US and China continue with their trade talks. Chinese Vice Premier — China's top economic official — is in Washington to continue negotiations despite the new trade tariffs.

The list of goods that will be subject to the increased tariffs was released by the US Trade Representative Robert Lighthizer's offic...

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