The trade war between China and the United States still shows no signs of easing anytime soon.
The latest report shows that President Donald Trump has signed a new executive order imposing tariffs of up to 245% on products imported into the United States from China.
Previously, the US government had just launched a 125% tariff on Chinese goods with an additional 20% specifically for the chemical fentanyl, making it 145% overall.
Although no official announcement was made by the White House about this new tariff measure, US media reports citing the latest data show varying tariff rates on various imports from China.
Among the most affected are goods such as syringes and needles, which could potentially be subject to a tariff rate as high as 245%. This rate is due to a combination of various existing taxes including tariffs on steel, aluminum, vehicles, additional levies and 'retaliatory' tariffs.
The complex network of trade regulations and tariffs has created difficulties for US companies that rely on suppliers from China.
In some cases, the average tax rate on imports even exceeds the value of the product itself.
Understanding the implications of these tariffs on certain goods is crucial for businesses, as import duties can have a significant impact on revenue results, operating cost structures and ultimately, prices to consumers.
