(CBS) – American consumers may feel President Donald Trump’s trade war more keenly in their pocketbooks as soon as next week.
The White House late Monday released a statement from Mr. Trump imposing new tariffs of 10 percent on $200 billion in Chinese imports beginning Sept. 24 and expanding the levy to 25 percent beginning Jan. 1.
China retaliated on Tuesday, announcing its own tariffs on $60 billion in U.S. goods. That could spur the Trump administration to carry through with its previous threat to tax all imports from China, the U.S.’s biggest trading partner last year.
The tariffs under this new tranche include all but 300 items that were originally proposed by the Office of the U.S. Trade Representative before it held hearings seeking public comment about them over the summer, according to a statement from the USTR.
The U.S. has already slapped $50 billion in tariffs on China, along with those on steel and aluminum. Monday morning, Mr. Trump kept up his offensive against Beijing, tweeting that his tariffs are working, something most companies and economists disagree with.
The China tariffs could be a “big blow” to U.S. consumers, the Peterson Institute for International Economics outlined in a report this summer. The USTR’s Sept. 18 list includes computers, furniture, seats, lamps (lighting and parts), travel bags, agricultural and food products, vacuum cleaners, cooking appliances and refrigerators among other products.
Among the 300 items left off the list are some Apple products and some consumer products, like bicycle helmets and child safety seats. Apple earlier this month appealed to the USTR to rethink putting some of its key products on the target list. Mr. Trump shot back, suggesting Apple move some plants to the U.S., but for now at least it appears Apple has avoided the hit many other companies will suffer.
To see the full list, click here.