New Tariffs on Chinese Goods Take Effect

SEATTLE (Waste 360): The Trump administration’s 15 percent tariff increase on $110 billion worth of Chinese goods went into effect on September 1.

The U.S. had already imposed tariffs on $250 billion worth of Chinese goods, which are set to rise to 30 percent in a month’s time, according to a Global Research report.

The latest tariffs are expected to directly impact consumers. According to the report, in May, the New York Federal Reserve estimated that tariffs imposed on Chinese imports were “already costing the average American household $831 a year because of their direct effect on prices and their impact on economic efficiency.”

China implemented retaliatory tariffs over the weekend, which will hit $3.2 billion worth of U.S. soybean exports, $2.55 billion worth of crude oil and $1.16 billion of pharmaceutical products.

Courtesy: https://www.waste360.com