President Trump will impose 25 percent tariffs on $16 billion worth of Chinese imports starting Aug. 23, the United States Trade Representative announced Tuesday.
The tariffs will affect goods such as electronic parts, plastics, chemicals, batteries, and railway cars.
The new round of tariffs completes Trump’s threat to impose $50 billion of import taxes on Chinese goods. The first $34 billion-worth went into effect on July 6.
China has already slapped back at the U.S. with its own tariffs on American goods, specifically targeting products from politically sensitive areas. It is expected to respond in kind to the latest round of tariffs.
China’s responses are already having an effect, particularly in the agricultural sector. Trump announced a $12 billion plan to help flailing farmers hit by Chinese soybean tariffs. The moved elicited jeers from congressional members of his own party, who said he was pushing farmers who prefer “trade not aid” onto welfare.
Trump also faces pressure from business groups, who have come out strongly against his trade policies.
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JUST IN: Trump to hit China with tariffs on an additional $16 billion worth goods https://t.co/b0r1ePBBVA pic.twitter.com/GB4Nc6HpcF
— The Hill (@thehill) August 7, 2018
Maybe I should take my retirement money out and put it under the mattress.
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