“Yesterday, China issued Retaliatory Tariffs of 34%, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation, despite my warning that any country that Retaliates against the U.S. by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set”.
Trump may be right: Chinese tariffs on import (customs duty + import VAT) on US goods were untill recently very high, between 18% – 48% depending on the products.
Everage US tariffs on Chinese goods are now 42.1% with the highest rate at 54%. Some goods have a lower charge.
Now yesterday, China added 34% in addition to the tariffs applied before on US goods, so it is increasing the rate to 48% – 82% depending on the products.
In response to the new Chinese tariffs, Trump announced today an additional tariff on Chinese goods of 50%, raising the total maximum charge to 104%. Trump’s announcement is a threat and the date of enactment to be decided.
Considering Chinese subsidies for its industries, other non-tariff trade barriers and the general lawlessness when doing business in China, Chinese exporters to the US would have still advantages.
Nevertheless, a substantial trade war is expected to happen between the US and China.
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