A sweeping new U.S. tariff on products made in China is expected to increase the prices American consumers pay for a wide array of products, from the ultra-cheap apparel sold on online shopping platforms to toys and electronic devices such as computers and cellphones.
An additional 10% tariff on all Chinese goods took effect Tuesday, while the U.S. Postal Service announced it will stop accepting parcels inbound from China and Hong Kong until further notice.
The previous day, President Donald Trump agreed to pause his threatened tariffs against Mexico and Canada for 30 days following negotiations on Trump’s demands for the North American nations to take steps to reduce illegal immigration and the flow of drugs such as fentanyl into the U.S.
After failing to get a similar White House reprieve, China struck back with retaliatory tariffs on some U.S. goods that are set to begin next week.
The sheer volume and variety of the China-made merchandise sold in the U.S. means residents would probably see the prices of many typically inexpensive items tick higher if the tit-for-tat tariffs persist.
Source: FORTUNE
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