American shoppers to feel effects of Trump's tariff grenade
President Donald Trump’s new tariff threat would no doubt leave American shoppers feeling the pain of his trade war with China like never before.
Days before what was potentially the final round of talks with China on a deal to end a dispute now in its second year, Trump channeled “Tariff Man” once again, threatening to more than double import levies on $200 billion of made-in-China goods. Accusing the Chinese side of hampering progress with attempts to renegotiate, Trump took to Twitter, saying he plans to hike tariffs from the current 10 percent to 25 percent on Friday.
Trump also went further, saying he’d slap 25 percent tariffs on an additional $325 billion of imports from China, a move that would effectively tax everything the world’s largest factory sends to the U.S. Those taxes would bring some of America’s most-popular consumer goods into the fight -- from Apple Inc.’s iPhones to Nike sneakers. Trump has thus far avoided them in an attempt to avoid a public backlash over paying higher prices.
“We’re trying to figure out where this is heading,” said David French, senior vice president of government affairs for the National Retail Federation. “Whether this is a negotiating tactic or an out-and-out escalation.”
https://www.msn.com/en-us/money/markets/american-shoppers-to-feel-effects-of-trumps-tariff-grenade/ar-AAAXPnV?li=BBnbfcN
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