NEW: Trump's 15% tariffs on $112,000,000,000 of Chinese goods take effect
WASHINGTON — The United States and China went ahead with their latest tariff increases on each other's goods Sunday, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer items in advance of the holiday shopping season.
As a result of Trump's higher tariffs, many U.S. companies have warned that they will be forced to pass on to their customers the higher prices they will pay on Chinese imports. Some businesses, though, may decide in the end to absorb the higher costs rather than raise prices for their customers. After Sunday's tariff hike, 87% of textiles and clothing the United States buys from China and 52% of shoes will be subject to import taxes.
Washington and Beijing are locked in a war over U.S. complaints that China steals U.S. trade secrets and unfairly subsidizes its own companies in its drive to develop global competitors in such high-tech industries as artificial intelligence and electric cars. A study by J.P. Morgan found that Trump's tariffs will cost the average U.S. household $1,000 a year. That study was done before Trump raised the Sept. 1 and Dec. 15 tariffs to 15% from 10%.
The economy is widely expected to slow further in the months ahead as income growth slows, businesses delay expansions and higher prices from tariffs depress consumer spending. Companies have already reduced investment spending, and exports have dropped against a backdrop of slower global growth.
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