Trump Officially Announces New Round of Tariffs on Chinese Imports
On Monday, September 17th, after markets closed, President Trump released his plans for the next round of tariffs on Chinese imports to the U.S. According to the Office of the U.S. Trade Representative, the additional tariffs on an estimated value of $200 billion worth of imports will be effective starting September 24, 2018, and initially will be in the amount of 10 percent. Starting January 1, 2019, the level of the additional tariffs will increase to 25 percent.
Following Trump’s action, China responded in kind with tariffs on $60 billion of U.S. exports to China. Prior to this action, Trump stated that he intended to add new tariffs on an additional $267 billion of Chinese imports to the U.S. It’s not clear what other retaliatory actions China will take in the coming weeks and months.