President Donald Trump has expanded his tariffs on Chinese imports, targeting a broader range of products than during his first term in office. The recent 10% tariff on all Chinese goods, which came into effect on Tuesday, impacts the approximately $427 billion worth of goods imported from China in 2023.
Comparatively, during his initial administration, Trump imposed tariffs on around $380 billion of foreign goods, including items from China, washing machines, and steel and aluminum from other countries.
Originally, tariffs on about $1.4 trillion of imported goods were set to take effect on Tuesday, but Trump later halted planned tariffs on Mexico and Canada before they were implemented.
Businesses are already feeling the impact of these tariffs. Bobby Djavaheri, president of Yedi Houseware Appliances, mentioned that his company will absorb some of the increased costs on air fryers, waffle makers, and other Chinese-imported appliances, but consumers can expect to see higher prices to cover the rest of the tariff expenses.
Djavaheri expressed concerns about the uncertainty surrounding tariffs, stating that it makes it challenging to forecast sales and costs accurately. The lack of clarity on future tariff policies adds to the frustration, leaving businesses in the dark about what to expect.
As the trade war between the United States and China continues, the implications of these tariffs on businesses and consumers remain uncertain, with potential price hikes and market disruptions looming on the horizon.
