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US, China Move Forward With New Tariffs, Inciting Higher Costs for US Consumers

Donald Trump China
Donald Trump China

The US and China are moving forward with new tariffs on each other's products.

On Sunday, a 15 percent tax on about $112 billion in Chinese imports went into effect.
The goods include textiles, clothing, and shoes - the higher costs could be passed on to US consumers.

China put its own tariffs on US goods, slapping a five to ten percent tax on goods ranging from sweet corn, liver, marble and bicycle tires.

Trump maintains that his tariffs are not hurting American companies that operate in China. 

"A lot of badly run companies are trying to blame tariffs," Trump told reporters. "In other words, they're run badly and they're having a bad quarter or they're just unlucky in some way. It's not the tariffs. It's called bad management," the New York Times reports the president saying.

It's all part of an ongoing trade war between the two nations.

Even though talk of trade wars and the economy has some economists and politicians saying the US will suffer for President Trump's strong stand, FreedomWorks economist Stephen Moore believes China will take the harder hit and the economy is really going to be okay.

Moore told CBN News, "Has the economy hit a few bumps in the road? Absolutely yes," pointing to the trade war with China specifically. "This probably is hurting the economy in the short term, but not enough to send the economy into recession. And once the trade deal gets done, the economy will really boom."

"The trade war has hurt the United States, but it's clobbered China," he said. "China is getting hurt way more than we are by this. ...There's a big disinvestment in China. Businesses are moving out of China, moving to Vietnam, India, Singapore to avoid the tariffs. So China is getting hit hard and hopefully they will come to their senses, he added.

As the tariffs heat up, trade negotiations with China are expected to continue during the month of September in Washington.

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