U.S. President Donald Trump said on Sunday he would raise tariffs to 25 percent from 10 percent on $200 billion of Chinese goods. The United States has levied tariffs on a total of $250 billion of Chinese imports, global steel and aluminum imports, and shipments of washing machines and solar panels
CHICAGO - U.S. President Donald Trump said on Sunday he would raise tariffs to 25 percent from 10 percent on $200 billion of Chinese goods.
Through mid-March, Washington netted $15.6 billion through tariffs imposed since February 2018, according to data from U.S. Customs and Border Protection . Customs duties receipts in the first half of the current fiscal year, which began on Oct. 1, have shot up by 89 percent from a year ago to $34.7 billion, data from U.S. Treasury shows.Trump says China foots the bill for U.S. tariffs on imported Chinese good."We have billions of dollars coming into our Treasury — billions — from China.
The CBP reviews the payments. If it discovers an underpayment, U.S. customs will send the importer a fresh bill.Some of them do, yes. So Chinese companies pay some of the cost. An importing company paying tariffs can manage the cost in several ways:3. Ask suppliers in China for a discount to help offset the higher tariffs.5. Pass the tariff costs on to customers by increasing retail prices.
A Congressional Research Service report in February found that the tariffs had led to an increase of as much as 12 percent in the price of washing machines in the United States, compared to January 2018 when the duties were not in effect.
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