The new round of tariff measures between China and the United States will be implemented on September 1. The China-US trade war will further deteriorate and affect consumers and enterprises in both countries. However, in addition to this round of tariffs, the United States will further impose new tariff measures on China in the future, making the prospects for trade wars even more uncertain.
Since September 1st, a new round of tariffs between China and the United States has been officially implemented: China will add 5% to 10% of US$75 billion worth of US food, chemical products and auto parts on September 1 and December 15. %tariff. On the 1st of September, the United States imposed a 15% tariff on China’s $125 billion in goods, a 5% increase from the original 10%. The scope will include various daily retail products such as televisions, electronic products, sweaters and shoes.
New tariffs in October and December
However, the U.S. tariff on China is not limited. From October 1st, the U.S. will impose a 25% increase on the original tariff of 250 billion U.S. dollars. The contents of the goods include 50 billion industrial products, such as chemicals, electronic components, semiconductors, etc., and 200 billion retail items such as furniture, vacuum cleaners, handbags and suitcases.
And immediately, the United States will also impose a 15% tariff on China’s $156 billion in goods on December 15. Commodities mainly include high-tech electronic products such as mobile phones, computers, and some tableware and Christmas decorations. Originally, the goods were prepared to implement tariffs on September 1, but were later postponed to December, with the aim of avoiding tariffs affecting the 2019 US Christmas season.
China-US tariffs to date
China has so far imposed a 5% to 25% tariff on US$110 billion of US goods, mainly including agricultural products such as soybeans, meat, fruits and vegetables, and natural gas, alcohol and other commodities. China will re-impose tariffs on US imports to 25% and impose a 5% tariff on auto parts that are suspended in December.
According to China’s imports of US goods in 2018, only goods worth 10 billion, mainly related to Boeing aircraft, have no tariffs.
As for the United States, it has imposed a 10% to 25% tariff on Chinese products worth $450 billion. The exempted daily necessities, including the Apple iPhone, will be implemented in September and December respectively. At present, only cribs, baby safety products and some religious goods, such as the Bible, continue to be exempted.