Trump’s Tariffs on $112 Billion of Chinese Imports Will Hit at Midnight
Tariffs on $112 billion of Chinese goods are set to go into effect at midnight ET. While some duties have been delayed and some items have been removed from the original list of $300 billion Chinese imports, many everyday grocery items and household staples will still be targeted beginning Sunday, according to an official list that spans 122 pages, reports CNBC.
The newest round of tariffs on Chinese goods are consumer-focused and will cost the average American household $1,000 a year, J.P. Morgan estimates.
Chinese retaliatory tariffs ranging from 5% to 10% on a portion of $75 billion U.S. goods also are scheduled to go into effect Sunday.
BOTTOM LINE: Tariffs do nothing but lower the general standard of living. This has been known by economists since the 1700s. Trump is a Neanderthal when it comes to his thinking on trade.