Well now it’s getting real. The Trump administration raised tariffs on $200 billion worth of Chinese imports just after midnight. The tariffs went from 10% to 25%. China promised it will hit back. US and Chinese negotiators will resume trade talks later today in Washington.
US consumers haven’t really felt the bite of tariffs so far, but that could change with this round because these expanded tariffs could result in a 25% tax on almost everything else the US imports from China.
So that means your shoes, toys and iPhones could become more expensive. One business group estimates the 25% tariff on apparel imports alone would cost a family of four an extra $500 a year.