China Tariffs: Here’s What May Cost More In The US

President Donald Trump’s 10% additional tariffs on Chinese imports went into effect Tuesday, threatening to make several key categories of goods more expensive from the hundreds of billions of dollars worth of Chinese products brought into the U.S. every year.

Key Facts

• The U.S. imported $426.9 billion worth of Chinese goods in 2023 and $401.8 billion in 2024’s first 11 months, according to the U.S. Census Bureau (December 2024 data will come out Wednesday).
• That means the 10% levy on Chinese goods threatens to pass on around $40 billion in additional costs to American consumers this year, assuming imports stay relatively flat and consumers ultimately bear the brunt of the tariffs via higher sticker prices, as many experts predict.

Read the full article from Forbes here.