After China’s Ministry of Finance announced Aug. 23 it would impose new tariffs of between 5% and 10% on $75 billion worth of U.S. products, President Trump responded he would increase the U.S.’s existing Chinese tariffs on $250 billion worth of products, including wood flooring, from 25% to 30% on Oct. 1, CNBC reports.
China’s new tariffs are in response to the U.S.’s announcement that it would impose an additional 10% tariff on $300 billion worth of Chinese goods. China's tariffs will take effect in two phases, the first on Sept. 1 and the second on Dec. 15, according to the report. Wood and flooring products will receive a 5% tariff beginning Dec. 15, according to CNN Business.
In addition to the increase on current tariffs of $250 billion worth of Chinese products, Trump said he would increase planned tariffs on $300 billion worth of Chinese goods, which are slated to take effect Sept. 1, from 10% to 15%.
