China Raises Tariffs on All American Goods

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Washington, D.C., and Beijing, China—China’s finance ministry announced that it will raise tariffs on a range of American goods in retaliation for last week’s escalation, according to the New York Times.

China currently has tariffs on $60 billion in American goods. Last September, they levied tariffs of 5% to 10% on those goods. Now, the Times says, China’s ministry of finance has introduced four new categories for those goods, to be taxed at 5%, 10%, 20%, and 25%. While the finance ministry didn’t specify the value of goods in each category, the Times says, the largest number of tariff codes was assigned to the 25% category.

The Guardian specifies that 2,493 items fall into the 25% category; 1,078 items fall into the 20% category; 974 items fall into the 10% category; and the remaining 595 items are remaining in the 5% category. The Wall Street Journal reports that the 25% category includes animal products, frozen fruits and vegetables, and seasonings. The 20% category includes baking condiments, chemicals and vodka.

The tariffs will take effect June 1.

The Times notes that it takes goods shipped from China two to four weeks to reach America. Given that the Trump administration’s most recent tariffs affect goods shipped out after 12:01 Friday morning, those tariffs will technically begin to take effect at some time around June 1.

The Guardian noted that Wall Street has already taken a hit: As of publication, the Dow Jones was down 1.85%, and Nasdaq was down 2.4%.

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