Nathan Bomey and Paul Davidson, USA TODAY
Published 12:03 p.m. ET Aug. 2, 2019 | Updated 1:27 p.m. ET Aug. 2, 2019
President Donald Trump signaled that he would hike tariffs on Chinese imports next month after recent talks failed to deliver a trade deal, escalating his trade war with Beijing and taking more direct aim at consumer products.
This latest threat is to introduce a 10% tariff on $300 billion in Chinese imports not covered by earlier tariffs.
“It’s adding further stress to an already stressed trade environment,” says Gregory Daco, chief U.S. economist of Oxford Economics. “It adds up to a very significant slowdown in economic growth.”
An existing 25% tariff on $250 billion in Chinese imports – as well as duties on imported appliances, steel
The new 10% tariff, if it takes effect, already has led Moody’s Analytics chief economist Mark Zandi to raise his recession odds over the next 12 months to 50% from 35%.
Before this latest announcement, the average tariff on Chinese goods imported to the U.S. was 18.3%, up from 3.1% in 2017, according to the Peterson Institute for International Economics. After, and if, the new round takes effect, the average tariff will rise to 21.5%.
This will take effect September 1st if it goes forward.
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