The US goes ahead and raises tariffs to 25% on Chinese goods
- 8 months ago
The U.S. has gone ahead to raise tariffs on $200 billion worth of Chinese goods.
Tariffs, as President Trump made it clear earlier this week, were increased from 10% to 25% on 5,700 different categories which include food and electrical goods.
As a result, many are worried that global economies will suffer, none more so than the U.S. as higher duties will mean a hike in prices which may hurt consumer spending.
According to a note from the Federal Register by the Office of the U.S. Trade Representative, the higher duty will only apply to exports shipped on or after May 10.
However, there may be room for negotiations as the goods affected include items that may take up to 4 weeks to arrive by ship, therefore the full impact of the tariff increase will not be felt right away.
That being said, the Chinese Commerce Ministry announced that it “deeply regrets” Washington’s decision and that they "will have to take necessary countermeasures."
Source: Smart Trend Team