Trump’s 15% tariffs on $112B in Chinese goods take effect
WASHINGTON (AP) – The Trump administration’s latest round of tariffs on Chinese imports have taken effect, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer goods in advance of the holiday shopping season.
The 15% taxes apply to about $112 billion of Chinese imports. All told, more than two-thirds of the consumer goods the United States imports from China now face higher taxes. The administration had largely avoided hitting consumer items in its earlier rounds of tariff hikes.
But with prices of many consumer goods now likely to rise, the administration’s move threatens the U.S. economy’s main driver: Consumer spending. As businesses pull back on investment spending and exports slow in the face of weak global growth, American shoppers have been a key bright spot for the economy.