Surge in U.S. tariffs on Chinese imports
September 1, 2019 - Since taking office in 2017, U.S. President Donald Trump has increased average tariffs on Chinese imports from three per cent to more than 18 per cent. By year’s end tariffs could surge past 24 per cent.
On September 1 the U.S. plans a 15 per cent tariff on about $140 billion worth of goods, followed on October 1 with an increase of existing levy from 25 per cent to 30 per cent on about $250 billion worth of imports.
On December 15, an additional $160 billion worth of Chinese goods will be subject to 15 per cent tariffs. By mid-December, the United States will have subjected 95 per cent of imported Chinese goods to tariffs ranging from 15 to 30 per cent.
On August 23, Trump tweeted “American companies are hereby ordered to immediately start looking for an alternative to China.” Under the International Emergency Economic Powers Act of 1977, the president can force U.S. companies to divest from China.
Current tariffs on China alone are seen stripping around 934,700 people from the U.S. workforce, according to The Trade Partnership Worldwide. Research from the Washington-based consultancy predicts that more than two million American jobs could be lost if Trump pushes ahead with tariffs on all Chinese imports.
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