Trump Administration Introduces Additional $200 Billion in Chinese Tariffs
The Trump administration imposes a new set of tariffs on China.
WASHINGTON, D.C.-The Trump administration imposes a new set of tariffs on China. The latest round is a 10 percent tariff on $200 billion worth of Chinese goods and takes effect Sept. 24.
The growing pressure stems partially from the administration’s attempts to quell China’s ongoing theft of intellectual property from the U.S. In a March 2018 report by CNN, the United States Trade Representative cites the cost of these thefts at roughly $225-600 billion annually. While the latest tariffs cover a broad swath of goods such as food, furniture, and toys, the list includes more than 5,700 items like textiles, yarns, and some apparel. This move has drawn fresh concern from the American Apparel and Footwear Association (AAFA).
“We are extremely disappointed that President Trump has, once again, decided to impose a huge new tax on American consumers and manufacturers,” says Rick Helfenbein, CEO of the AAFA in a statement on the organization’s website. “During the public review process, AAFA and many of its members detailed the extreme damage this new tax will do to our industry, our nearly four million U.S. workers, and to every American family.”
The organization says the tariffs are “cruel to U.S. interests” because they only give companies a week’s notice to brace for the new measures. The duties also automatically increase to 25 percent after the New Year.
The growing spat between the U.S. and China escalated earlier this summer when both countries began introducing new tariffs. Less than 24 hours after the latest announcement from the Trump administration, China said it would levy tariffs from five to 10 percent on $60 billion worth of U.S. goods.