Latest tariffs in U.S.-China trade war take effect from 1 Sep
U.S.-China trade war,tariffs,consumer goods,oil
The Trump administration’s latest tariffs on China came into effect on Sunday (Sept 1), targeting for the first time Chinese consumer goods, including televisions, books, diapers and sports shoes, reported Reuters.
The previously announced additional 15 per cent tariffs on US$112 billion worth of goods imported from China are, according to experts, likely to raise prices for U.S. consumers in the medium term.
Some timber products will be affected by this current round of tariffs.
At the same time, Chinese tariffs amount to US$75 billion on U.S. goods also came into force.
Beijing started imposing a 5 per cent tariff on U.S. crude oil from Sunday, the first time U.S. oil has been targeted since the world's two largest economies launched the trade war more than a year ago.
A further 15 per cent US tariffs on US$160 billion of Chinese goods will take effect on Dec 15, further affecting consumer goods such as smartphones, laptops, and clothing.
The tranche, which had originally been set to also come into effect on Sunday, was delayed by President Donald Trump to avoid impacting Christmas sales.
From December onwards, however, nearly all Chinese imports to the United States - totalling around US$540 billion – will be subject to tariffs.