US tariffs could hit remaining Chinese goods, including tech productsOctober 29, 2018
The US is preparing tariffs against all Chinese imports that still remain untaxed, in the event that President Donald Trump’s talks with Chinese leader Xi Jinping fall through, according to Bloomberg, citing anonymous sources. These new tariffs could come as early as December and would cover all goods that aren’t already affected. They would cover about $257 billion worth of goods.
That spells trouble for many hardware-producing tech companies, who have so far managed to elude the worst of the tariffs. Apple, for instance, saw its AirPods, HomePod, and Apple Watch escape unscathed from the September round of tariffs.
The early December due date for new tariffs would also mean that the effective date could coincide with the Lunar New Year holiday in February, which is also a time for sales and promotions in China. Still, the anonymous sources told Bloomberg that the new tariffs haven’t been finalized.
In the summer, the US and China levied tariffs on $50 billion of each other’s respective goods. Then in September, a 10 percent tariff was placed on another $200 billion of Chinese goods. The rate is set to increase to 25 percent by the end of 2018, unless Xi and Trump are able to come to an agreement.
Xi and Trump are tentatively set to meet at a summit from November 30th to December 1st.