Trump administration finalizes tariffs on $16 billion in Chinese goods

By China TariffsFOXBusiness

How are tariffs affecting China?

TrendMacro CEO Donald Luskin says that tariffs and a trade war are driving China’s economy down.

The U.S. has finalized a set of tariffs that will impact $16 billion in Chinese goods, the U.S. Trade Representative’s Office said Tuesday.

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The 25% import duties will take effect beginning Aug. 23, when customs will begin collecting tariffs on 279 product lines. The U.S. has already slapped China with tariffs on $34 billion worth of goods, and Beijing responded with tariffs of equal value when the levies kicked in last month.

China has said it would respond again with its own tariffs in an ongoing tit-for-tat trade dispute between the world’s two largest economies.

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The Trump administration is also evaluating a proposal to hit another $200 billion in Chinese imports. The initial rate under consideration was 10%, but a recent proposal called for a higher rate of 25%.

President Donald Trump has threatened to impose tariffs on a total of $500 billion worth of Chinese goods.

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