New Tariff Increases

On Friday, August 23, China’s Ministry of Finance announced it would impose 75 billion worth of new tariffs on U.S. goods in retaliation to the U.S. tariffs set to take effect on September 1 and December 15. The Chinese tariffs will cover more than 5,000 items including automobiles and are set to take effect on the same dates, September 1 and December 15. The first round of tariffs imposes new import taxes ranging from 5 to 10 percent on goods such as peanut butter, life jackets, treadmills, clothes, and skateboards. The second round imposes 25 percent levies on automobiles and 5 percent on auto parts.

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