Giantone
09-01-2019, 08:06 AM
https://www.yahoo.com/finance/news/trump-tariffs-china-september-1-040027636.html
A new tariff of 15% will be added to the cost of more than 40% of all consumer products imported from China on Sept. 1. That amounts to about $109 billion worth of annual imports, according to research firm Panjiva. On Dec.15, the 15% tariff will be assessed on another $155 billion worth of consumer goods from China. At that point, there will be new Trump tariffs on virtually everything imported from China.
Trump has already imposed 25% tariffs on about $250 billion worth of Chinese imports, but those are mostly component products consumers never see. Those tariffs have led to some price increases, with some importers also taking a hit through lower profits. In some cases, Chinese suppliers have lowered their own prices to offset the tariff. Importers have also begun seeking new suppliers outside China, to avoid the tax.
The tariffs hitting today will apply to thousands of products sold at Walmart (WMT), Target (TGT), Best Buy (BBY), Home Depot (HD), Ikea, Amazon (AMZN) and other retailers. Here are some of the main product categories subject to the new tax, according to Panjiva:
Clothing and footwear such as sneakers, sweaters and baby clothes — $39 billion worth of annual imports
Electronics such TVs, monitors, and audio equipment — $24 billion
Machinery such as printers, desktop computers, hand tools, and air-conditioner parts — $15 billion
Plastic products such as tableware, buckets, and school supplies — $5 billion
Leisure products such as NordicTrack fitness machines — $5 billion
Furniture such as bedding — $1 billion
A new tariff of 15% will be added to the cost of more than 40% of all consumer products imported from China on Sept. 1. That amounts to about $109 billion worth of annual imports, according to research firm Panjiva. On Dec.15, the 15% tariff will be assessed on another $155 billion worth of consumer goods from China. At that point, there will be new Trump tariffs on virtually everything imported from China.
Trump has already imposed 25% tariffs on about $250 billion worth of Chinese imports, but those are mostly component products consumers never see. Those tariffs have led to some price increases, with some importers also taking a hit through lower profits. In some cases, Chinese suppliers have lowered their own prices to offset the tariff. Importers have also begun seeking new suppliers outside China, to avoid the tax.
The tariffs hitting today will apply to thousands of products sold at Walmart (WMT), Target (TGT), Best Buy (BBY), Home Depot (HD), Ikea, Amazon (AMZN) and other retailers. Here are some of the main product categories subject to the new tax, according to Panjiva:
Clothing and footwear such as sneakers, sweaters and baby clothes — $39 billion worth of annual imports
Electronics such TVs, monitors, and audio equipment — $24 billion
Machinery such as printers, desktop computers, hand tools, and air-conditioner parts — $15 billion
Plastic products such as tableware, buckets, and school supplies — $5 billion
Leisure products such as NordicTrack fitness machines — $5 billion
Furniture such as bedding — $1 billion