Trump's 15% tariffs on $112B in Chinese goods take effect

The Trump administration's latest round of tariffs on Chinese imports have taken effect, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer goods in advance of the holiday shopping season.The 15 per cent taxes apply to about $112 billion US of Chinese imports. All told, more than two-thirds of the consumer goods the United States imports from China now face higher taxes. The administration had largely avoided hitting consumer items in its earlier rounds of tariff hikes.But with prices of many consumer goods now likely to rise, the administration's move threatens the U.S. economy's main driver: consumer spending. As businesses pull back on investment spending and exports slow in the face of weak global growth, American shoppers have been a key bright spot for the economy.As a result of Trump's higher tariffs, many U.S. companies have warned that they will be forced to pass on to their customers the higher prices they will pay on Chinese imports. Some businesses, though, may decide in the end to absorb the higher costs rather than raise prices for their customers.After Sunday's tariff hike, 87 per cent of textiles and clothing from China and 52 per cent of shoes will be subject to import taxes.On Dec. 15, the administration is scheduled to impose a second round of 15 per cent tariffs — this time on roughly $160 billion US of imports. If those duties take effect, virtually all goods imported from China will be covered. Watch: No end in sight for U.S.-China trade spat Former United States trade representative Carla Hills says Chinese and American trade negotiators need to get back to the bargaining table. Also on the show, former foreign affairs minister Lloyd Axworthy on whether or not Canada should stop trade talks with Brazil in wake of the Amazon fires. 47:27The Trump administration has been locked in a trade row with China for more than a year, spurred by its assertion that China steals U.S. trade secrets and unfairly subsidizes its own companies in its drive to overtake the United States in such high-tech industries as artificial intelligence and electric ca ...Read more

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