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First up, this Wednesday, the Trump Administration is planning to impose new tariffs, which are like taxes, on products that the U.S. imports from China. The American government has done this before this year and China has retaliated with tariffs of it's own on American made products. So what's different this time around? $200 billion. That's the value of the goods from China that will be subject to the new tariffs starting next week.
All together, this could mean that roughly half of everything China sells to the U.S. will be hit by American tariffs. And China is planning to tax an additional $60 billion worth of goods from the U.S. What kinds of goods are we talking about? The Chinese products subject to additional taxes in the U.S. will include things like food seasonings, baseball gloves and industrial machinery parts. The American products subject to additional taxes in China will include meat, clothes and auto parts. Some analysts characterize all this as the latest shots fired in the trade war between the two countries.
When back and forth tariffs escalate and the prices of imported products rise. But other's say it's not a trade war at least not yet and a lead economic advisor to the Trump Administration says a trade deal with China is still possible. He also says the tariffs are not near a point where they'll have an impact on the U.S. economy. But what kinds of products, things that you might have lying around your living room could get more expensive in the days ahead?
