Shoppers wait in line at a Costco store in Altamonte Springs, Fla., Aug 30, 2019. (PHOTO / AP)
US's latest round of tariffs on Chinese imports have taken effect on Sunday, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer goods in advance of the holiday shopping season.
The 15 percent taxes apply to about US$112 billion of Chinese imports. All told, more than two-thirds of the consumer goods the United States imports from China now face higher taxes.
After Sunday's tariff hike, 87 percent of textiles and clothing from China and 52 percent of shoes will be subject to import taxes
In counteraction, the additional tariffs on some of the US goods on a US$75-billion target list, announced by Beijing tax authorities earlier, were triggered as well on Sunday. Beijing has acted on the condition of the new US tariffs being put into practice.
The extra tariffs of 5 percent and 10 percent were levied on 1,717 items of a total of 5,078 products originating from the United States. Beijing will start collecting additional tariffs on the rest from Dec 15.
As a result of Trump's higher tariffs, many US companies have warned that they will be forced to pass on to their customers the higher prices they will pay on Chinese imports. Some businesses, though, may decide in the end to absorb the higher costs rather than raise prices for their customers.
After Sunday's tariff hike, 87 percent of textiles and clothing from China and 52 percent of shoes will be subject to import taxes.
On Dec 15, Trump administration is scheduled to impose a second round of 15 percent tariffs — this time on roughly US$160 billion of imports. If those duties take effect, virtually all goods imported from China will be covered.
"The United States should learn how to behave like a responsible global power and stop acting as a 'school bully'," the official Xinhua news agency said.
"As the world's only superpower, it needs to shoulder its due responsibility, and join other countries in making this world a better and more prosperous place. Only then can America become great again."
Tariffs could not impede China's development, said the official People's Daily.
"China's booming economy has made China a fertile ground for investment that foreign companies cannot ignore," it said, in a commentary under the name 'Zhong Sheng', or 'Voice of China', which is often used to state its view on foreign policy issues.
The US has been locked in a trade war with China for more than a year. Trade teams from the two countries continue to talk and will meet in September, but tariff hikes on Chinese goods set to go in place on Sunday will not be delayed, Trump has said.
Copyright 1995 - 2024. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily. Without written authorization from China Daily, such content shall not be republished or used in any form.
HONG KONG NEWS