New US Tariffs On Chinese Goods iPhones And Toys
President Donald Trump said Thursday that he 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, CNN reported.
“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 announced.
Later in the day, Trump said in remarks to reporters at the White House that he might still ratchet tariffs up to 25%, as he’s previously threatened — or even higher, CNN wrote.
“It can be lifted in stages so we’re starting at 10% and it can be lifted up to well beyond 25%,” the President said. “But we’re not looking to do that, necessarily.”
Oil prices nosedive 8 percent on Trump tariff threat – worst day in more than 4 years. 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.
As he has many times before, Trump claimed that the tariffs have cost China rather than American consumers, CNN reported.
“We’re taking in many billions of dollars. There’s been absolutely no inflation and frankly it hasn’t cost our consumer anything. It cost China,” Trump said in his remarks, adding that companies are now moving out of China to avoid the tariffs.