Trump will add a new tariff on $300 billion of Chinese-made products on September 1, which would effectively put a tax on all Chinese goods coming into the United States
"Trade talks are continuing, and during the talks the U.S. will start, on September 1st, putting a small additional tariff of 10% on the remaining 300 billion dollars of products coming from China into our country," he tweeted.
The new tariffs could hit US consumers harder than the earlier rounds. It would tax goods like iPhones and other consumer electronics, sneakers and toys. Last year, Trump imposed tariffs on about $250 billion in Chinese-made goods, targeting industrial materials and components. In fact, economic studies show that US consumers, not China or other foreign importers, are bearing the weight of the duties. The White House's most recent Economic Report of the President, released in March, acknowledged that any benefit from the tariffs is offset by"costs paid by consumers in the form of higher prices and reduced consumption."
While trade officials told Trump on Thursday they believed there is still the potential for a deal to be struck with China, they said they were still far off from coming to any kind of agreement. American farmers have been hit hard by China's retaliatory tariffs. Once the biggest market for US soybean farmers, the Chinese stopped buying the American product last summer in retaliation to Trump's tariffs. By the end of 2018, the amount of American soybeans sitting in storage hit record levels.
It's sure to increase anxiety among businesses and Wall Street that the trade war is nowhere near its end."The business community was surprised by the President's announcement of new tariffs," said Doug Barry, communications director for the US-China Business Council.
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