'We've been devastated for the past 10 months & we've been waiting patiently for the trade war to slow up here a little bit so we could get back to work' Stephanie Nadeau of Maine says her lobster company's exports have fallen 60% due to Trump's trade war
China details tariffs it will raise on U.S. goodsChina has announced it will be raising tariffs on roughly $60 billion worth of U.S. goods beginning midnight June 1, according to China’s State Council Customs Tariff Commission.
China’s newly increased tariffs largely affect the same goods on which initial tariffs were imposed last fall, and have not been extended to any new set of goods. The new tariff rate hike is based on four categories of US goods valued at approximately $60 billion. China has levied tariffs on a total of $110 billion worth of US products since the trade war began.
Tariffs on the $60 billion worth of US products went into effect on September 24 last year. Roughly 5,000 items were affected, and they were split into four categories.Category 3 went from 5% to 10%: On Friday, the U.S. hiked tariffs from 10% to 25% on $200 billion worth of Chinese exports after trade talks held in Washington failed to produce a breakthroughUS stock market losses have accelerated:
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