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Dryers, which weren’t under the tariff, went up by about the same amount. Overall, the tariff increased costs to consumers by an estimated $1.5 billion annually.
Trump calls tariffs "the most beautiful word in the dictionary" and has even floated things like 2,000% tariffs on autos and said his aim in some areas is to implement "the highest tariff in history."
Former President Donald Trump is floating a 10% tariff on all imports and 60% on Chinese imports, while Vice President Harris is expected to continue Biden's approach with targeted, selective tariffs.
Vice President Kamala Harris called former President Donald Trump's tariff proposals "a sales tax on the American people," in an interview with MSNBC’s Stephanie Ruhle.
Under the most optimistic outcome, Trump’s tariffs would generate as much as $2.5 trillion over 10 years, according to an estimate by the pro-business Tax Foundation.
New U.S. tariffs on $18 billion in Chinese goods take effect Friday as trade tensions intensify between the world’s two largest economies.
The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world’s second-largest economy.
BEIJING (Reuters) -U.S. President Joe Biden is set to announce new China tariffs as soon as Tuesday, targeting sectors including electric vehicles, medical supplies and solar equipment, according ...