Tariffs on iPhones, toys and other Chinese-made goods coming Sept. 1, Trump says
CNNWashington CNN Business — President Donald Trump said Thursday that he will add a new tariff on $300 billion of Chinese-made products on September 1, which would effectively put a tax on all Chinese goods coming into the United States. “But we’re not looking to do that, necessarily.” The new tariffs could hit US consumers harder than the earlier rounds. The White House’s most recent Economic Report of the President, released in March, acknowledged that any benefit from the tariffs is offset by “costs paid by consumers in the form of higher prices and reduced consumption.” Trump issued his new threat of tariffs on China following a mid-morning meeting in the Oval Office with his trade team meant to update him on talks that wrapped this week in Shanghai, according to an administration official familiar with the matter. “The business community was surprised by the President’s announcement of new tariffs,” said Doug Barry, communications director for the US-China Business Council.