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Trump's 15 Percent Tariff on Chinese Goods Kicks in

posted by janrinok on Thursday September 05 2019, @04:49PM   Printer-friendly
from the start-counting-the-pennies,-er,-yen dept.

upstart writes:

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.

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  • (Score: 5, Informative) by Anonymous Coward on Thursday September 05 2019, @07:49PM

    by Anonymous Coward on Thursday September 05 2019, @07:49PM (#890214)

    The fact is that during the 8 years under Obama, the US lost jobs month over month and $8 trillion (with a T) was added to the national debt.

    https://en.wikipedia.org/wiki/United_States_federal_budget#/media/File:U.S._Federal_Deficit_Stacked_Bar_Chart_-_2018_to_2027.png [wikipedia.org]
    https://www.usdebtclock.org/ [usdebtclock.org]

    $23T today. $24T by time Trump is kicked out. Trump started with $19T. He has been amassing MORE debt per year than Obama and Obama started with 2009 recession that bankrupted GM and others. Trump started with only $400B deficit and booming economy and then he turned that into $1+T deficit and economy that will crap out next year thanks to his unhinged tariffs.

    US has been gaining jobs since 2010... don't worry, that will stop soon.

    https://data.bls.gov/timeseries/ces0000000001?output_view=net_1mth [bls.gov]

    Don't let reality stop your thinking thought.

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