Money & The EconomyUS News

‘We Don’t Want To Be Servants To The Chinese!’: Trump’s New Tariffs Against China Take Effect

The U.S. imposed a 15% tariff Sunday on Chinese imports valued at $111 billion including tools, apparel, footwear and electronics, The Wall Street Journal reported.

A second 15% tariff on $156 billion worth of Chinese smartphones, laptops, toys, video games, among other things, will be implemented on Dec. 15, according to WSJ.

“Tariffs will not impact American consumers that much because the Chinese currency has gone down, which gives our importers a discount. Importers can find suppliers outside of China. Absolutely worth it, we don’t want to be servants to the Chinese!” President Donald Trump tweeted Sunday, citing economist Peter Morici. (RELATED: Trump is winning the trade war with China)

The Sept. 1 tariffs were originally set at 10% until China announced on Aug. 23 it would place a 25% tariff on all U.S. automobiles and a 5% to 10% tariff on $75 billion of U.S. goods, which Trump responded to by increasing the Sept. 1 tariffs to 15% on the same day.

The Chinese tariffs took effect Sunday, as well, with more to come on Dec. 15.

An analysis by Panjiva Research expects soybean shipments, crude oil and pharmaceuticals to take the biggest hits from the Sept.1 tariffs, WSJ reported.

The president also announced Aug. 23 that in addition to the increased Sept. 1 tariffs, “Starting on October 1st, the [$]250 BILLION of goods and products from China, currently being taxed at 25%, will be taxed at 30%.”

Chinese Ministry of Commerce spokesman Gao Feng told reporters on Thursday that China has “ample means for retaliation” against U.S. tariffs, but would rather discuss a deal.

“China has ample means for retaliation, but thinks the question that should be discussed now is about removing the new tariffs to prevent escalation of the trade war,” Gao said. “China is lodging solemn representations with the U.S. on the matter.”

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