On Monday, President Trump announced a new wave of tariffs on Chinese imports. Robert E. Lighthizer, the United States Trade Representative (USTR), has been ordered to place new tariffs on approximately $200 billion worth of Chinese imports at a rate of 10 percent, according to an official statement from the White House.
The new tariffs are set to begin September 24 and will increase from 10 percent to 25 percent on New Year’s Day 2019. This delay offers U.S. firms the opportunity to find alternate suppliers outside of China, according to a report from Reuters. Currently, the U.S. has tariffs on $50 billion worth of Chinese imports.
China answered back Tuesday morning, slapping “$60 billion in tariffs” on U.S. goods beginning on the same day. According to CNBC, the Chinese tariffs will be anywhere from five to 10 percent.
For now, products made by tech companies like Apple and Fitbit have been spared from the new tariffs, along with an assortment of other goods such as “certain chemical inputs for manufactured goods, textiles and agriculture; certain health and safety products such as bicycle helmets; and child safety furniture such as car seats and playpens,” according to a press release from the USTR.