Trump threatens tariff increase this week

From Bicycle Retailer
By Steve Frothingham

Photo: AP/Andy Wong

President Donald Trump on Sunday said he would increase the punitive tariffs on some Chinese goods, including bikes and bike products, from 10% to 25% on Friday.

Trump repeated the threat Monday morning, even as the threat rattled international stock markets.

Just days ago, the U.S. and China appeared to be close to a trade deal, and China’s Vice Premier Liu He is scheduled to visit Washington this week.

Trump’s initial threat from Sunday appears to refer to the 10% tariff on $200 billion in Chinese goods that was imposed in the fall. Those tariffs were initially scheduled to increase to 25% on Jan. 1, 2019, but the increase had been delayed indefinitely.

The imports affected by this tariff includes about $1 billion in bicycle products, including most categories of complete bikes. Most China-made parts and accessories also were included, but bike helmets and lights were exempted. The 10% tariffs, which took effect in September, are in addition to pre-existing tariffs on bikes, which are often 5-11%.

This tariff is distinct from a 25% tariff on Chinese e-bikes that took effect in August. Trump also has threatened tariffs on European goods including some bike products.

Read the full article here

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.