Expect a direct hit on many U.S. consumers from Pres. Trump's latest round of tariffs on Chinese imports. He had no intention of pulling back on import taxes set to kick in Sunday.
"They're on. They're on," the president told reporters Friday before departing for a weekend stay at Camp David.
For more than a year, the world's two largest economies have been locked in a high-stakes duel marked by Trump's escalating penalties on Chinese goods and Beijing's retaliatory tariffs. Overall, Trump's trade war will have raised the average tariff on Chinese imports from 3.1% in 2017, before the hostilities began, to 24.3%.
Still, the prices of certain goods will cost Americans more. Trump tacitly acknowledged this a few weeks ago by announcing a delay in his higher tariffs on $160 billion in imports until Dec. 15 — to keep them from squeezing holiday shoppers. Macy's raised an alarm when it reported earnings in August. In May, Trump had raised separate tariffs on $250 billion in Chinese goods from 10% to 25%. In response, Macy's tried to raise prices of some items on the hit list — luggage, housewares, furniture. But according to CEO Jeff Gennette, customers just said no.
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