“President” Donald Trump continues to engage in a battle of brinksmanship with the Chinese that will not end well for either side. As reported by Palmer Report earlier, China filed a complaint with the World Trade Organization. On Sunday, another $110 billion of tariffs on Chinese imports took effect, and in response, Beijing imposed tariffs on $75 billion of United States goods coming into China beginning September 1.
What might be most different about the latest tariffs imposed on Chinese imports is the extent to which they impact consumer goods. The list of impacted products from China includes many types of boots, slippers and leather shoes; more than 100 different varieties of clocks and watches; many electronics such as TV sets and video monitors; and, many clothing items. The earlier Trump tariffs mostly affected commercial products such as machinery and industrial components and parts. These latest tariffs will hit the consumer right in the pocketbook just as they begin the 100-day sprint toward the year end holidays.
China and the United States are said to be planning a meeting in the United States during the month of September to try to iron out the escalating trade war and tariffs. There is no set date or agenda yet, and the likelihood of an actual meeting remains up in the air.
In the meantime, Tariffic Trump is describing the trade war as a fight, stating over the weekend, “We’re going to win the fight. We’re having conversations with China, meetings are scheduled, calls are being made. I guess the meeting in September continues to be on, it hasn’t been canceled.” At least not yet. Hopefully, a solution to the escalating trade wars will emerge whether China and the United States meet or not. Absent a deal, add consumers to the list of those upset by the continuing trade wars, joining the farmers and some businesses.