President Donald Trump announced that more tariffs will be coming on Chinese imports beginning September 1. The intention is a tariff increase of 10 percent which will affect $300 billion worth of Chinese imports. The new tariffs would be in addition to the 25 percent tariff that was already in place for $250 billion of imports. Altogether, the latest announcement would essentially mean that all Chinese products coming into the United States would be taxed.
“Trade talks are continuing, and during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country,” said President Trump via Twitter. “We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!”
The U.S. agriculture industry has struggled throughout the ongoing trade tensions with China. The Trump administration has been attempting to address the negative impact of the trade war through assistance packages to help offset losses for American farmers and ranchers. Some groups are voicing criticism that more tariffs are not the answer to resolving issues with China.
“Nobody wins in a trade war, and raising tariffs further on American businesses and consumers will only result in slower economic growth, more farm bankruptcies, fewer jobs and higher prices,” Tariffs Hurt the Heartland spokesman Jonathan Gold said in a news release. “These new tariffs will target the products American families buy every day, ranging from shoes and apparel to toys and electronics.”
The tariff announcement comes after US trade officials had been continuing negotiations in China earlier in the week, the first in-person trade talks following the meeting at the G-20 Summit. A White House statement confirmed plans for trade talks to resume in September.