China, Trump and Tariff
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Concerns about U.S. trade policy are back in the spotlight after being overshadowed by the government shutdown and other matters.
President Donald Trump unveiled sweeping tariffs on imported lumber and wood products that his administration says are needed to protect the US economy and boost domestic manufacturing. As of Oct. 14,
The president is threatening to widen his trade war against China as tariffs on timber, lumber, kitchen cabinets and other products took effect on Tuesday.
President Trump said Friday he will impose an additional 100% tariff on imports from China starting next month — marking a significant escalation in the U.S.-China trade war.
President Trump's new tariffs on imported lumber and furniture are going into effect today. A new report from Goldman Sachs finds that U.S. consumers are bearing more than half the cost from the tariffs so far.
New US tariffs on imported kitchen cabinets, vanities, lumber, timber and certain upholstered furniture have come into effect. Under a proclamation signed by President Donald Trump last month, a 10% tariff on softwood lumber and timber imports will apply as of Tuesday.
While the U.S. and world economies have fared better than expected, it’s too soon to say they are fully in the clear,
Trump’s tariffs have led to trade tensions between the United States and other countries while boosting prices on many items and overall inflation. However, the tariffs also could lead to higher monthly payments for more than 70 million Americans who receive Social Security benefits.
Adapting to Trump's tariffs - a still-incomplete set of levies that pushed import taxes from an average of around 2% to an estimated 17% - is still underway. It is seen taking months longer as exporters, importers and consumers jostle over who pays duties worth round $30 billion per month.
Higher US tariffs have so far had a smaller impact globally than expected, but it would be “premature and incorrect” to conclude they have had no effect on economic growth, the International Monetary Fund said Tuesday.
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