Official announcements from the US Department of Commerce or US Trade Representative

GOP Nominee Trump Proposes 60% Tariff Increase on Chinese Imports

Oct 10, 2024, 07:02 PM

Former President Donald Trump has proposed a significant increase in tariffs on imports, specifically targeting goods from China. Trump has promised to increase tariffs on Chinese imports by 60% and on all other imports by 10 to 20%, according to a chart from @FT. This proposal is reminiscent of his 2018 tariff on washing machines, which saw a 20% increase and led to higher consumer prices. Trump's recent statements suggest he is considering even more drastic measures, with potential tariffs reaching up to 1,000%. These proposed tariffs are part of his broader economic strategy as the GOP nominee, as highlighted in a chart from @business.