U.S. President Donald Trump’s threat to jack up U.S. tariffs on Chinese goods could hit consumer goods before Christmas by andrea_shalal
WASHINGTON - U.S. President Donald Trump’s threat to jack up U.S. tariffs on Chinese goods if the world’s two largest economies fail to reach a trade deal could raise the price of cellphones, laptops, and toys less than two weeks before Christmas.
Stocks fell on Wednesday in Asia and Europe and initially in the United States as investors digested his comments. [L2N27S0OL] The Trump administration hoped to avert the Dec. 15 tariffs, if possible, said William Reinsch, a former senior U.S. Commerce official and trade expert at the Center for Strategic and International Studies.
Reinsch and other experts said they still expected Washington and Beijing to reach a “phase one” agreement before that point, but the timing was looking less certain. Trump had agreed in October to skip raising those tariffs to 30% from the 25% rate in place now. That would affect goods ranging from industrial components and semiconductors to furniture and building supplies.
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