Consumers of the United States may soon feel the negative effects of the trade war between the U.S. and China, CNN reported.
Experts say that if President Donald Trump keeps pushing with fresh tariffs against the far east country, thousands of products, including dishwashers, spices, and even fitness equipment are possibly going to become more expensive. Tariffs could go into effect “very soon,” Trump said and warned he would even impose more tariffs.
The Trump Administration is considering either a 10% or 25% tariff on the $200 billion in imports. But it has also invited Chinese officials to a new round of talks, top White House economic adviser Larry Kudlow said Wednesday.
If the new tariffs really go into effect, the United States will have imposed tariffs on about half of all Chinese goods coming into the United States, or about $250 billion.
Beijing has imposed tariffs on $50 billion of United States goods to date, pledging to retaliate with tariffs on an additional $60 billion.
The Trump Administration wants to punish China for what it says are unfair trading practices, such as putting pressure on U.S. companies to share technology with them in order to access the Chinese market. China has accused the United States of trade bullying.
The cost of the tariffs on Beijing could be passed along to American consumers. At least half of all the hats, mattresses, suitcases, and furniture in the United States is imported from China. They would all be taxed in the next round if the final list of goods looks like the one proposed. Tariffs would also be imposed on some more obscure items, like antiques that are more than 100 years old, bicycle speedometers, and door peepholes.
Many American companies say tariffs will hurt their business by increasing the cost of materials they need to make a product in the United States. They have to decide whether to pay the tariff on an imported good or find a new supplier outside China.
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