SHANGHAI (BRAIN) — President Donald Trump on Thursday said the U.S. will impose a 10% tariff on Chinese goods worth $300 billion in annual imports.
The list of goods — the so-called “List 4” — includes bicycle products not previously subject to new Trump tariffs, including bike helmets, lights, apparel and shoes. The tariff will take effect Sept. 1. Besides the bike items, it hits a range of consumer goods including toys and electronics. On the news stock prices fell Thursday afternoon for retailers, toy makers, and electronics brands, including Apple.
Negotiations are underway this week between the U.S. and China in Shanghai. Trump said China President Xi Jinping has not followed through on agreements to purchase agricultural products from the U.S. and to end the sale of fentanyl to the U.S.
In June, Trump said China had agreed to those terms and that he was delaying implementation of new tariffs on List 4 as a result. In May, tariffs on List 3 — which includes most bikes and related products, with the exception of lights, helmets and apparel — were increased from 10% to 25%. Those rates were on top of existing tariffs on those products, …read more