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Fri Aug 23, 2019, 04:27 PM

Trump Says He Will Raise Existing Tariffs on Chinese Goods to 30% [View all]

Source: New York Times

WASHINGTON -- President Trump, angered by Beijing's decision on Friday to retaliate against his next round of tariffs and furious at his Federal Reserve chair for not doing more to juice the economy, said he would increase taxes on all Chinese goods and demanded that American companies stop doing business with China

Mr. Trump, in a tweet, said he would raise tariffs on $250 billion worth of Chinese goods to 30 percent from the current rate of 25 percent beginning Oct. 1. And he said the United States would tax the remaining $300 billion worth of imports at a 15 percent rate, rather than the 10 percent he had initially planned. Those levies go into effect on Sept. 1.

"China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%," Mr. Trump said in a tweet.

Those levels are likely to exacerbate the financial pain already being felt from the tariffs as companies and consumers face higher prices for products that they buy from China. Even before the new 30 percent rate, the tariffs were expected to cost the average American household more than $800 per year, according to research by the Federal Reserve Bank of New York.



Read more: https://www.nytimes.com/2019/08/23/business/china-tariffs-trump.html





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