In a move most knew was on the way, American President Donald Trump plans to impose tariffs on $200 billion more of Chinese goods as of next Monday.
A news release says he’s imposing the new tariffs, “to protect the interest of working men and women, farmers, ranchers, businesses, and our country itself.”
Announced September 17, Trump says the new tariffs will take effect on or before September 24. To begin, the tariffs will be 10 per cent on imported products, and will stay at that level until the end of the year; however, Trump announced the tariffs would increase to in response to retaliation by the Chinese government. On this round’s list of taxed products: luggage, mattresses, and vacuum cleaners.
Trump says if China decides to strike back “against our farmers and other industries” the U.S. will go into phase three of their trade action, and will apply tariffs on $267 billion of additional imports.
If China hasn’t come to an agreement with the U.S. by the end of the year, the president says he will impose tariffs at a rate of 25 per cent effective January 1.