President Trump’s tariffs could affect 23% of consumer goods, according to one estimate.
The U.S. increased tariffs on $200 billion of Chinese goods to 25% from 10% Friday, following three rounds of tariffs last year. They account for roughly 50% of all Chinese exports to the U.S. on everything from hats to toys. The Chinese government retaliated on Monday. Starting June 1, China said it will also raise tariffs to as high as 25% on about $60 billion worth of U.S. imports, involving around 5,000 products from frozen fruits to vodka.
Increased tariffs on Chinese goods will hike prices for consumers goods, analysts say. The latest tariffs will add another $500 a year in costs for the average U.S. household, Katheryn Russ, an economics professor at the University of California at Davis, told NPR. Another estimate says the tariffs announced last year will cost consumers an average of $767 per year.
The toy industry was able to weather the tariffs last year, as the products were mostly finished and prices were set by the time the tariffs were announced. But this year will likely be quite different. Retailers have been working to mitigate any adverse impact from President Trump’s trade war with China, but the latest move by Trump appears to have taken many of them as a surprise, Christopher Prykull, an analyst at Goldman Sachs GS, +0.67% said in a research note.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
As Trump fights with China over trade, U.S.-China economic relationship already being redefinedThe trend of U.S. companies serving Chinese consumers with products made in China could pose a significant challenge to Trump’s “America First” agenda
Read more »
US tariffs on China jump as deadline passes, China immediately says it will retaliateThe Trump administration is hiking duties on $200 billion worth of Chinese products to 25% from 10%.
Read more »
China's Sinopec, CNPC skip Iran oil buys for May as U.S. sanctions waivers end: sourcesChina Petrochemical Corp (Sinopec Group) and China National Petroleum Corp (CNPC...
Read more »
Sinopec, CNPC skip Iran oil purchases for May to avoid U.S. sanctionsChina Petrochemical Corp (Sinopec Group) and China National Petroleum Corp (CNPC...
Read more »
How To Trade The China Trade WarRun? Emerging market specialists still bet on a deal. But overall, pessimism is starting to set in. How long that lasts depends on this week's trade talks in Washington.
Read more »
Trump is playing the 'long game' in China trade talks: Former White House trade advisorTrump is taking a 'calculated approach' to trade talks with China to get a long-term solution, says Clete Willems, former trade negotiator.
Read more »
How To Trade The China Trade WarRun? Emerging market specialists still bet on a deal. But overall, pessimism is starting to set in. How long that lasts depends on this week's trade talks in Washington.
Read more »
Trump’s escalating tariff war with China will hit TVs, toys, electronics and a rake of consumer goodsTrump’s tariff war with China will hit toys, electronics and a rake of essential consumer goods
Read more »
Cramer: Trump's trade tweet is about 'getting the Dow up a little bit' and pressuring ChinaPresident Trump's optimistic morning tweet on China trade talks was aimed at Wall Street and Beijing, says CNBC's Jim Cramer.
Read more »
It's time for markets to end their illusions about a US-China trade dealWhat markets have misunderstood since the negotiations resumed last December is that the talks had become just one of many events of a new era of geopolitical and systemic competition that will define our times, writes Fred Kempe.
Read more »