After the Trump Administration started taxing on $300 Billion worth of Chinese imports September 1st at a 15% duty rate, rather than the 10% originally announced, President Donald Trump is also planning to increase the additional 25 percent tariff currently in place on $250 Billion worth of Chinese goods (Lists 1 through 3) to 30 percent effective Oct. 1
This notice comes only twelve hours after China said it would retaliate against President Trump’s next round of tariffs by raising taxes on American goods. “China should not have put new tariffs on 75 Billion Dollars of United States product (Politically Motivated!). Starting on October 1st, the 250 Billion Dollars of goods and products from China, currently being taxed at 25 %, will be taxed at 30%. President Trump said on Twitter.
It seems the higher rates will only aggravate the financial pain from the trade war, which is already raising prices for businesses and consumers across the globe. Even before the new 30 percent rate, Trump’s existing tariffs were expected to cost the average American household more than $800 a year. However, the USTR has yet to issue an official notice for this.