New tariffs imposed by the Trump administration against Chinese-made goods figure to take a chunk out of automakers’ profits and make cars more expensive for consumers, industry experts say.
The Trump administration on Monday levied a new 10 percent tariff on $200 billion worth of Chinese goods. They take effect Sept. 24 but increase to 25 percent on Jan. 1. The new tariffs target more than 100 automotive products including engines, gaskets, washers and rubber seals, tires, hydraulic and brake fluids, transmission shafts and cranks. They add to 25 percent tariffs already in place on $50 billion in Chinese goods.
China has retaliated in both cases, enacting earlier tariffs on American agricultural exports, and most recently enacting its own tariffs on $60 billion in U.S.-made goods. President Trump reportedly threatened on Monday to subject a further $267 billion in Chinese imports to tariffs — which would cover nearly everything China sells
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