Effective Monday, the Trump administration enacted new tariffs on $200 billion worth of Chinese goods. The list includes clothes, dryers, seafood, carpet, shampoo, hammers, and even gift wrap and dog leashes.
China responded with tariffs on $60 billion of U.S. products. In this case, the list includes frozen vegetables and aircraft.
But China’s tariffs on U.S. goods are between 5% and 10%, whereas the U.S. tariffs start at 10% and will rise to 25% at the beginning of 2019.
China’s retaliatory tariffs seem somewhat deceptive. They may not affect consumers immediately, but would impact small businesses and farmers heavily, especially in America, on the long run.
Experts say, “With these latest tariffs, many hard working Americans will soon wonder why their shopping bills are higher and their budgets feel stretched.
How will the Trump administration’s trade war with China cost you? Well since most nations import more than they produce, they get the biting end of these whips, either from the United States or China.
Many materials, including chemicals and aluminum, are on the tariff list. “Tariffs on aluminum and steel will be a tax on the middle class with everything from cars to baseball bats to even beer being more expensive,” David Williams, president of the Taxpayers Protection Alliance said.
Many businesses have also argued their products should not be included in the tariffs.
Some key products on the tariffs list include lamps, air conditioners, vacuums, hair clippers, shampoo, bath salts, handbags, raincoats, knitting materials, headgear, bicycles, and so much more.