The Guardian: US and China begin imposing new tariffs as trade war escalates
Chinese exports worth $125bn will face new taxes from 1 September, while China places levy on oil as agreement becomes more distant
China and the United States have begun imposing additional tariffs on each other’s goods in the latest escalation of their bruising trade war that has sent shockwaves through the global economy.
A new round of tariffs took effect from 0401 GMT on Sunday, with Beijing’s levy of 5% on US crude oil marking the first time the fuel has been targeted since the world’s two largest economies started their trade war more than a year ago.
The Trump administration will begin collecting 15% tariffs on more than $125bn in Chinese imports, including smart speakers, Bluetooth headphones and many types of footwear.
Read more ....
More News On The U.S. - China Trade War
Fresh US tariffs on Chinese goods come into effect placing 15% tax on $112 billion of imported consumer items including clothes and sneakers - as Beijing hits back with 5 and 10% tariffs on American products -- Daily Mail
China, U.S. kick off new round of tariffs in trade war -- Reuters
New tariffs on imports from China begin Sunday -- UPI
US-China trade war escalates with new tariffs on goods, including fuel and smart speakers -- ABC News Online
US Slaps New Tariffs On China; One Minute Later China Retaliates -- Zero Hedge
1 comment:
The tariffs are imposed on incoming products and are paid for by the citizens of the imposing country when they buy the higher priced products.
Sometimes the buyer companies don't pass on the tariffs to their customers, for competitive reasons, thereby reducing their profits.
Tax rebates are a means Trump has of reimbursing those companies for taking the hits, so as to not cut off his support from the wealthy.
Either way is it the consumers of the imposing country that pay the price.
Post a Comment