Yesterday President Trump announced the imposition of new tariffs - starting 24 September at 10% and rising to 25% at the end of this year - on $200B of Chinese goods, including consumer products.
Mr. Trump tweeted yesterday:
"Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be “Tariffed!”"
Now today China has retaliated with tariffs of 5%-10% on 5000+ US products - including farm products, machinery and chemicals - worth $60B.
US Commerce Secretary said this morning that "Nobody is going to actually notice [the Chinese tariffs]."
Along with everyone else in the US tourism industry, I'll be watching the Chinese visit and spend numbers closely.
Stay tuned.
