President Trump is expected to levy a new round of tariffs on Chinese imports as soon as Monday, this time targeting $200 billion in goods with a tax around 10 percent.
That rate is lower than the 25 percent proposed last month, and sources told The Wall Street Journal it is intended to have a less onerous impact on Americans' holiday shopping. However, the rate reportedly could increase if Trump is unsatisfied with Beijing's response — and as Beijing has already pledged retaliation to Trump's next trade war volley, a rate hike is plausible.
This set of tariffs would take effect in November. Beyond that, Trump has also threatened an additional set of taxes on $267 billion in Chinese goods, including mobile phones. If he moves forward with both new rounds of tariffs, Trump will have levied new taxes ranging from 5 to 25 percent on everything America imports from China. Nevertheless, U.S. imports from China increased over the summer. Bonnie Kristian