Breaking News: Late yesterday evening reports and rumors started circling around echoes of even higher tariffs to hit on August 30th. On July 1oth, President Trump announced the latest round of tariffs on Chinese imports, totaling $200b in cargo value and set for a potential 10% tariff increase. Late yesterday, sources said Trump is now considering increasing that figure from 10 to 25%.
Discussions on the unofficial plans indicate this consideration may be made in an attempt to force China into a response. Official discussions have gone quiet for about six weeks, although China has confirmed to be increasing the volume of goods purchased from the U.S.
Sources indicate the Trump Administration could make the official announcement as early as today. 10% tariff increases are already problematic, more than doubling that figure holds the potential to be catastrophic. The U.S. Trade Representative’s office has a deadline for public comments by Aug. 30 and hearings are to take place from Aug. 20-23.
More to come as the situation develops.