President Donald Trump announced a new wave of tariffs on Chinese imports Monday evening, with $200 billion worth of goods to be subjected to a 10 percent tariff starting on Sept. 24. The New York Times reports that the new wave of tariffs will climb to 25 percent by the end of the year, on top of the $50 billion in goods that Trump placed tariffs on earlier this year. The new tariffs mean that “nearly half of all Chinese imports” will face tariffs later this month. Trump also announced that if China were to retaliate against the newly announced tariffs, the U.S. would automatically move to place additional tariffs on another $267 billion worth of goods. White House officials told the newspaper that the administration would be willing to give tariff relief to China if the country agrees “to the administration’s trade demands” and would only be open to negotiations if Chinese officials were serious about making changes. The Times also reports that the upcoming tariffs could potentially jack up prices on “everyday products” ranging from food to household items and electronics.
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