Curious Human: Trump’s New Tariff Announcement: A Breakdown
In a recent turn of events, President Trump announced a 90-day pause on new tariffs and plans for “substantially” lower reciprocal tariffs with all countries except China. Fox Business has provided a detailed breakdown of the tariffs that have been imposed since the beginning of the year.
Tariffs Imposed on Imports from China
The trade war between the US and China has been a hot topic for quite some time now. Here’s a quick rundown of the tariffs that have been imposed on Chinese imports:
- March 22, 2018: The US imposed a 25% tariff on 1,300 Chinese products, worth about $3 billion.
- July 6, 2018: The US imposed a 25% tariff on an additional $34 billion of Chinese goods.
- August 23, 2018: The US imposed a 25% tariff on another $16 billion of Chinese goods.
- September 24, 2018: The US imposed a 10% tariff on $200 billion of Chinese goods, which was later raised to 25% on May 10, 2019.
- August 1, 2019: The US imposed a 15% tariff on another $112 billion of Chinese goods.
Tariffs Imposed on Imports from Other Countries
It’s not just China that has been hit with tariffs. Here’s a look at the tariffs imposed on imports from other countries:
- March 9, 2018: The US imposed a 25% tariff on imported steel and a 10% tariff on imported aluminum.
- March 22, 2018: The US imposed a 25% tariff on washing machines and solar panels from South Korea, Mexico, and other countries.
- May 31, 2018: The US imposed a 25% tariff on Canadian lumber.
- June 1, 2018: The US imposed a 25% tariff on European Union steel and aluminum.
- July 6, 2018: The US imposed a 25% tariff on Turkish aluminum.
- August 31, 2018: The US imposed a 10% tariff on $200 billion worth of Chinese goods, which was later raised to 25% on May 10, 2019.
- September 24, 2018: The US imposed a 10% tariff on an additional $200 billion worth of Chinese goods.
- August 1, 2019: The US imposed a 15% tariff on an additional $112 billion worth of Chinese goods.
- September 1, 2019: The US imposed a 15% tariff on European Union cheeses, wines, and other products.
The Impact on Consumers: How Will This Affect Me?
The tariffs have led to increased prices for consumers on a variety of goods, from electronics to clothing to food. With the recent announcement of a 90-day pause and lower tariffs, it’s unclear how this will impact consumers in the short term. However, some experts predict that prices may decrease slightly as businesses adjust to the new tariff situation.
The Impact on the World: How Will This Affect Everyone Else?
The tariffs have had a ripple effect on the global economy, leading to decreased trade and increased tensions between countries. The recent announcement of a 90-day pause and lower tariffs may help to ease some of the tension, but it’s unclear how other countries will respond. Some experts predict that the EU and China may retaliate with their own tariffs, while others believe that this could be a step towards a more cooperative trade policy.
Conclusion
The tariffs imposed by the US have had a significant impact on the global economy, with increased prices for consumers and decreased trade between countries. The recent announcement of a 90-day pause and lower tariffs is a step in the right direction, but it remains to be seen how this will play out in the coming months. Consumers and businesses alike will be watching closely to see how this develops.
Stay tuned for more updates on this developing story.
