Published: Wed, September 04, 2019
IT | By Jonathon Greene

Fresh wave of tariffs from both China and USA take effect

Fresh wave of tariffs from both China and USA take effect

Former Texas Congressman and current 2020 Democratic Primary hopeful Beto O'Rourke announced over the weekend his trade plan proposal that would end President Donald Trump's tariffs and trade war against China while adding new reforms for us workers.

The world's two biggest economies have been embroiled in a bruising year-long trade war which escalated further on Sunday when both sides moved ahead with fresh tit-for-tat levy hikes. We will keep it that way!

Trump said he wasn't surprised to see companies leaving China as they can't compete with the tariffs.

China said Tuesday that it's not the source of the fentanyl that's killing Americans, contrary to President Donald Trump's recent tweets blaming China for the drug deaths.

A spokesman for China's global ministry, Geng Shuang, advised reporters on Monday that "the most important thing at present is to create the necessary conditions for continuing the trade talks between China and the United States".

New tariff's on Chinese consumer goods went into effect Sunday. Redirect the supply chain.

A Journal-sponsored survey of more than 600 small business owners shows growing worries about the trade war and its effects on the economy.

The additional tariffs affected a portion of the $300 billion in goods from the Asian giant that so far had been spared.

"I give the president credit for challenging China on some of its really egregious behavior" on intellectual property and technology transfers, for example, Toomey said. While the tariffs are supposed to raise costs for China, the increased costs are typically passed on to American companies instead.

Last month, Trump said he was increasing existing and planned tariffs by five percent on about $550bn worth of Chinese imports after Beijing announced its own retaliatory tariffs on USA goods. "But we can't allow China to rip us off anymore as a country".

Beijing also filed a complaint at the World Trade Organization on Monday over the latest round of U.S. tariffs which it claims violated a consensus reached by leaders of both countries in Osaka, Japan earlier this year.

Later, he told reporters that talks with China were continuing and the two sides would meet in person in September. Trump had indirectly acknowledged the tariffs' impact by delaying some of the duties until December 15, after holiday goods are already on store shelves. "The data indicate that the erosion of consumer confidence due to tariff policies is now well underway, " said Richard Curtin, who oversees the index.

Trump on August 1 announced tariffs across an initially planned $300 billion worth of goods, after July trade talks between US and Chinese officials yielded little progress.

Some of the tariffs were later delayed until December in a concession to U.S. retailers.

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