If Trump slaps China with all the tariffs threatened, it could be the US consumer that pays
President Trump threatened to raise tariffs from 10% to 25% on billions of dollars in Chinese goods, but he said he might also put new tariffs on another $325 billion in products that could include many consumer goods.
If President Donald Trump slaps China with all the tariffs he's threatened, the U.S. consumer could take a hit.on $200 billion in goods, and possibly add tariffs to another $325 billion in goods, that had not been subject to them previously. According to Citigroup, 40% of consumer goods imported into the U.S. from China have not been affected yet by tariffs.
The increased tariffs would be upping the ante for the Trump administration, which launched tariffs on $50 billion in Chinese products last June. The administration then initiated 10% tariffs on $200 billion in goods, with a promise to raise them to 25% if talks didn't go well. China retaliated in kind with its own tariffs, and is expected to do so again."The $50 billion is mostly on capital goods. The $200 billion focus is on capital goods and some consumer goods.
"Expanding the list of goods that could face tariffs would take months to implement. This gives negotiators some time even if negotiations fail this week," Clifton said.Goldman Sachs economists said the chances of the White House putting tariffs on the remaining $325 billion are just 1 in 10.
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