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US to announce tariffs on all remaining Chinese imports

As per report from Citigroup economists, the US is preparing to announce tariffs on all remaining Chinese imports by early December and their impact may be as much as 10 times higher than earlier rounds of levies. The new penalties, which could take effect in early February, will encompass Chinese-made consumer goods like Apple iPhones and Nike shoes that the Trump administration has so far left untouched. The impact of a 10 percent tariff on the $267 billion of imports could be 10 times larger than the first $50 billion round and double that of the $200 billion tariffs in the second round, the analysts wrote.

According to Stephen Lamar, Executive Vice President of the American Apparel & Footwear Association, producers and retailers of apparel and footwear are already planning for the higher tariffs. As companies consider switching to suppliers in other parts of Asia, the law of supply and demand is putting upward pressure on costs in neighboring countries.

 

 
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