On Thursday, President Donald Trump said the US would impose a 10% tariff on an additional USD300 billion worth of Chinese imports after expressing frustration over current trade talks with Beijing.
The new tariffs, which would come into effect on September 1, are expected to hit Chinese-made consumer goods such as electronics, sneakers and toys. According to multiple reports, the US has now levied tariffs on nearly all goods coming from the Middle Kingdom.
But while Trump has claimed that China is paying for US tariffs, several US-based companies have raised or plan to increase their prices as a result of the trade war – meaning US consumers are also ‘paying the price’ of the administration’s economic policy. Reuters reported on Friday that US retailers Walmart and Macy’s have warned shoppers that prices may increase because of the latest tariffs on goods from China.
The president, who is up for re-election in 2020, called out the PRC in a tweet for not following through on promises to purchase more US agricultural goods and halt the sale of fentanyl to the US.
The latter remark comes approximately three months after Beijing added ‘fentanyl-related substances’ to the list of controlled drugs. The move was viewed by Liu Yuejin, deputy head of China’s National Narcotics Control Commission, as a “major innovative measure” in China’s contribution to the global war on drugs.
Chinese ministry officials stated that they strongly oppose the latest tariff proposal by the Trump administration, and would respond with their own countermeasures if the US follows through with new tariffs, according to China Daily.
UPDATE (August 3, 2019 1.34pm CST): This article has been updated to include China’s response to the latest tariff proposal by the US.
[Cover image via Pixabay]