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from the start-counting-the-pennies,-er,-yen dept.
Submitted via IRC for Bytram
Trump's 15 percent tariff on Chinese goods kicks in
It's the first day of September, marked by a new round of tariffs on Chinese imports, which went into effect Sunday. In latest escalation of the trade war with China, the Trump administration has slapped a 15% tariff on $112 billion worth of Chinese goods (PDF), something consumers can expect to feel when buying everything from milk to diapers to some China-manufactured tech products like the Apple Watch.
But on Aug. 13, the USTR said it would offer a temporary reprieve to a batch of about $160 billion products (PDF) like laptops and cellphones. Those goods won't be subject to the new tariffs until Dec. 15 -- an attempt to blunt the impact of the duties on the holiday shopping season. Trump later raised the new tariff on Chinese goods to a 15% rate rather than the initial 10%.
China retaliated Sunday with its own tariff plan taking effect at 12:01 p.m. local time. It's rolling out higher tariffs in stages on a total of about $75 billion in US goods like soybeans and crude oil. It'll also resume an extra 25% duty on cars imported from the US on Dec. 15.
(Score: 2, Insightful) by Anonymous Coward on Thursday September 05 2019, @06:05PM (1 child)
But who's been footing the bill for outsourcing to China and other countries for the last 40 years?
Fly-over staters. Rust belters. Trump supporters.
Neither the emergence of Trump, nor his open hostility to the trade status quo with China, should be surprising to anyone who was paying attention to the development of the US economy over the last several decades. As the rust belt got rustier, the gains became more unequal, and more people started to get left behind, what did people think was going to happen? Everybody was going to learn to code? H1B took care of that too.
A trade war with China was always coming. The public knows their economists are much smarter than ours.
(Score: 2) by c0lo on Thursday September 05 2019, @08:33PM
If their economists are much smarter than yours, you will lose the trade war. Just sayin'.
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford