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  1. #1
    Senior Member Judy's Avatar
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    Aug 2005

    Trump gives green light to sanctions on $200 billion in Chinese goods

    Trump gives green light to sanctions on $200 billion in Chinese goods

    By John Roberts, Adam Shaw | Fox News
    2 hours ago

    President Trump has given the green light to proceed with tariffs against $200 billion in Chinese goods, sources told Fox News Friday.

    The timing of the actual application of the sanctions was not clear, but the move would mark the latest in an escalating trade war with Beijing as Trump seeks to combat what he sees as unfair trade practices from China.

    The Wall Street Journal reported Saturday that the tariff level will likely be set at about 10 percent, which would be below the 25 percent the administration had initially floated.

    “The President has been clear that he and his administration will continue to take action to address China’s unfair trade practices,” the White House said in a statement Friday. “We encourage China to address the long standing concerns raised by the United States.”

    China and the U.S. have imposed 25 percent tariffs on $50 billion of each other’s goods. This week, the U.S. invited China to hold talks on the tariff dispute.

    "We have indeed received an invitation from the U.S. side. We welcome it," a Chinese foreign ministry spokesman told The Associated Press. "Now the two sides are in communication on relevant details."

    Envoys met in August in Washington but reported no progress. The Journal reported that the Chinese had hoped that any final decision on tariffs would be delayed until after the next round of talks.

    China has threatened to retaliate against $60 billion of American products if Trump goes ahead with his tariffs.

    Fox Business' Edward Lawrence and The Associated Press contributed to this report.
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  2. #2
    Senior Member JohnDoe2's Avatar
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    Aug 2008
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    Retail association: Tariffs on goods from China will cost American consumers billions

    Daniel B. Kline, The Motley FoolPublished 3:00 a.m. ET Aug. 28, 2018 | Updated 3:10 a.m. ET Aug. 28, 2018

    An industry analyst says he expects a proposed White House plan to impose tariffs on imported vehicles and auto parts to move forward and have a negative impact on carmakers and dealers. (July 19) AP

    A new study shows that the proposed tariffs on furniture and travel items will cause higher prices even if the goods are sourced from other countries or made domestically.

    (Photo: Getty Images)

    Tariffs on goods from China imported into the United States will cost American consumers roughly $6 billion a year, according to a study commissioned by the National Retail Federation (NRF).

    The report showed that the proposed 25% tariff on furniture from China would cost Americans $4.6 billion per year in added cost "even if retailers switched their sourcing to other foreign countries or U.S. furniture makers." A similar 25% tariff on travel items including luggage and handbags would add $1.2 billion to what American shoppers would pay for those items, "even if the goods no longer came from China," according to the research.

    Alternate sourcing won't keep pricing down

    Whether manufacturers opt to make the impacted items in the U.S. or in a country not impacted by tariffs, tariffs will still lead to higher prices according to NRF Vice President for Supply Chain and Customs Policy Jonathan Gold in testimony prepared for a hearing U.S. Trade Representative (USTR).

    "The threat that these tariffs could be imposed, and even expanded to include all consumer goods imported from China, has already started a scramble among importers to find alternative sources of supply, including in the United States," Gold said. "While you may think this is a positive development, the administration needs to know that the scramble is already bidding up prices for consumer products from all possible alternative manufacturers."

    More: Car prices projected to jump under Trump trade agreement with Mexico

    More: US, Mexico strike trade deal that could pave the way for an overhaul of NAFTA

    More: Trump trade war: Why he's fighting it and how tariffs work

    And, no matter what happens with the tariffs, actions already taken by manufacturers will lead to higher prices, according to Gold. He added that "even if the administration decides not to impose the tariffs, higher prices are already on the horizon for American families."

    Gold warned that tariffs will hit small business owners especially hard. A recent NRF survey showed that 46% of smaller retailers expect that proposed or implemented tariffs will hurt their businesses.

    "The collateral damage to wide swaths of the U.S. economy will be significant," Gold said. "This will only get worse as the additional tariffs take effect and retaliation escalates."

    What happens next?

    The NRF has been vocal in its opposition to the proposed tariffs on Chinese goods. It has actively lobbied the USTR and President Donald Trump to rethink these policies.

    "By now the administration should know something it questioned several months ago: Tariffs will not get China to change its unfair trade practices," Gold said.

    "Instead, these tariffs threaten to increase costs for American families and destroy the livelihoods of U.S. workers."

    President Donald Trump brought the world's two biggest economies to the brink of a trade war Friday by announcing a 25 percent tariff on up to $50 billion in Chinese imports to take effect July 6. Here's how it could affect the U.S. economy and consumers. (June 15) AP

    What can you do?

    As a consumer there's very little you can do. In theory, you might consider not putting off purchases in areas potentially impacted by the tariffs. For example, if your couch is on its last legs or your luggage has seen better days, you may save some money by replacing them now.

    Unfortunately, the range of items that could be impacted by tariffs is very broad. Aside from a little selective advance purchasing or simply not buying items as prices rise, there's nothing a consumer can do. This is a situation where your best hope lies in comparison shopping to see which retailers and manufacturers find the most creative ways around the tariffs or choose to take lower margins to keep prices down.

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