What's next for Trump's trade war with China? American shoppers are about to feel the impact for the first time on things from TVs to clothing.
The first big wave of U.S. tariffs on consumer goods made in China took effect Sunday, and it won’t be long before Americans are paying more for many everyday purchases.includes 90 types of boots, slippers, leather shoes and other footwear; more than 125 kinds of watches and clocks; various color TV sets and video monitors; and hundreds of clothing items. In all, about $110 billion worth of imported products from China are newly subject to 15% tariffs.
Since then, amid more turmoil in stock markets and an outcry from U.S. farmers and businesses, Trump has toned down the rhetoric even as he hasBeijing, for its part, has sent conciliatory signals. It hasn’t announced retaliation for Trump’s latest move to bump up tariffs to 15% from 10%. And Chinese officials have indicated they remain open to continuing dialogue.
In the last year Trump and Xi met twice at such international gatherings, and on both occasions, in Buenos Aires in December and, Trump agreed to a truce and announced a renewal of talks, only to end the cease-fire with more tariffs months or weeks later when negotiations stalled. “Looks like [shoe manufacturers and wholesalers] are eating some of it and passing along a large portion,” said Breton, who just returned from an industry trade show.Retailers typically sell shoes at double the wholesale price, so that means a $5 tariff-related increase on a $50 pair of shoes at the wholesale level will end up costing the retail customer $10 more at checkout.
Mickey Kantor, President Clinton’s top negotiator and now a lawyer in the Los Angeles office of Mayer Brown, worries that time is running out. If the two sides can’t come to agreement by year’s end, he says, “my guess is it would be very difficult to reach it in an election year.” Trump has announced tariffs on all imported goods from China, which totaled about $540 billion last year. Chinese imports have dropped about 12% through June this year. U.S. exports to China have fallen by 19%. And additional tariffs are being loaded up by both sides.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here are the Apple products affected by Trump's latest move in the trade war with ChinaTrump's tariff on Chinese imports goes into effect on September 1, impacting Apple products like AirPods and the Apple Watch.
Read more »
Trump says trade talks still planned for September after China tariffs go into effectPresident Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past month, dozens of chief executives have signaled plans to further diversify their supply chains amid the intensifying trade war.
Read more »
Firm tied to top Trump aide has side deal with pro-Trump super PACA digital data firm connected to President Donald Trump’s campaign manager has received more than $900,000 in business from a pro-Trump super PAC.
Read more »
China, U.S. kick off new round of tariffs on each other's goodsChina and the United States began imposing additional tariffs on each other&039...
Read more »
China, US kick off new round of tariffs in trade warChina imposed additional tariffs on some of the US goods on a $75-billion target list while the Trump administration's latest round of tariffs on Chinese imports has taken effect early Sunday.
Read more »