Donald Trump's trade war will push up prices, predicts Walmart

Galtero Lara
Setiembre 22, 2018

On Monday, President Trump announced new tariffs on $200 billion in Chinese imports, prompting Beijing to retaliate with levies on $60 billion in USA goods. "The immediate impact will be to raise prices on consumers and tax American business and manufacturers".

Earlier this week, Trump escalated his trade war with China by imposing 10 percent tariffs on about $200 billion worth of Chinese imports.

Walmart said the tariff would impact prices of everything from food products to beverages and personal care items. "Furthermore, none of these items are related to intellectual property or trade secrets and it is hard to see how taxing these goods will resolve these more complex trade challenges".

Figures from the U.S. Department of Commerce show the U.S. exported 622,500 tires to China in 2017, valued at about $55 million. But most don't support Mr. Trump's tariffs as a way to prompt better behavior from Beijing.

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While both the Chinese and USA measures are set to go into effect Monday, Trump previously noted that the initial 10 percent tariffs would rise to 25 percent on January 1, 2019.

The letter comes days after U.S. President Donald Trump slapped tariffs on $200 billion worth of Chinese goods.

China's new round of tariffs were made public shortly after President Trump made his September 17 decision.

The trade war has started to hit Chinese cities and provinces, especially those that depend on USA order books. "It is hoped that the USA will recognize the possible negative consequences of such actions and take convincing means to correct them in a timely manner". "We encourage the two countries to find near-term solutions to ease trade tensions that will allow more opportunities for USA exports and benefit families in both countries".

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